Shares of Mahindra Logistics on Friday made a dull listing at the bourses.
The stock got listed at ₹432 on the BSE, up 0.69 per cent compared to the issue price of ₹429. During the day, the stock touched a high of ₹433.95 and a low of ₹416.55 and ended at ₹429.15, up 0.03 per cent. On the NSE, shares of Mahindra Logistics closed at ₹429.50.
The company had fixed the price band at ₹425-429. About 15 lakh shares were traded on the BSE and over one crore shares changed hands at the NSE during the day.
The ₹829-crore public issue was subscribed 7.90 times, thanks to robust participation from qualified institutional buyers, non-institutional investors and retail investors.
Through the IPO, the parent firm Mahindra & Mahindra offloaded 96.66 lakh shares, amounting to 13.74 per cent stake, and Normandy Holdings and Kedaara Capital sold 92.71 lakh shares and 3.95 lakh shares, respectively. Normandy Holdings is a 100 per cent subsidiary of Kedaara Capital.
Shares of Mahindra & Mahindra closed at ₹1,393.40, up 2.34 per cent, on the BSE. The company, which on Friday declared a 24.79 per cent increase in standalone net profit at ₹1,331.57 crore for the second quarter to September, announced a 1:1 bonus issue to its shareholders.