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Mahindra Logistics' IPO got subscribed 84 per cent on the second day of offer. The public offer received bids for 1,14,55,892 shares against 1,35,70,143 shares offered by the company, data available with the NSE till 2pm on Wednesday showed.
On Tuesday, the issue received bids for 30,98,148 shares, which was 37 per cent of the total issue size of 1,35,70,143 shares. Retail individual investor quota was subscribed around 57.89 per cent, qualified institutional buyer 35 per cent and non-institutional individual investor was negligibly subscribed.
The company had on Monday raised a little over Rs 247 crore from anchor investors. The initial share sale of Mahindra Logistics will close on November 2. The company has fixed a price band of Rs 425 to 429 for the ongoing public offer.
Proceeds of the issue would go to the private equity investor, Kedaara Capital. Unlike other listed logistics companies, Mahindra Logistics operates on an asset-light model, which ensures a better return on equity.
The book running lead managers to the issue are Kotak Mahindra Capital Company and Axis Capital. Equity shares are proposed to be listed on BSE and NSE.
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