The initial public offer of Mahindra Logistics was subscribed 48 per cent on the first day of the three-day bidding today.

The IPO, which aims to raise Rs 829.35 crore, received bids for 65,75,362 shares against the total issue size of 1,35,70,143 shares, data available with the NSE showed.

The portion reserved for qualified institutional buyers (QIBs) was subscribed 35 per cent, non-institutional investors 3 per cent and retail investors 76 per cent.

Mahindra Logistics yesterday raised a little over Rs 247 crore from anchor investors.

The initial share sale of Mahindra Logistics will be open for public subscriptions till November 2.

The company has fixed a price band of Rs 425-429 per share. At the upper end of the price band, the public issue is expected to fetch Rs 829.35 crore.

Mahindra Logistics' IPO comprises sale of 1,93,32,346 shares, including offloading of 96,66,173 shares -- amounting to 13.74 per cent stake -- by parent firm Mahindra and Mahindra.

Normandy Holdings and Kedaara Capital would sell 92,71,180 and 3,94,993 shares, respectively. Normandy Holdings is a 100 per cent subsidiary of Kedaara Capital.

Kotak Mahindra Capital Company and Axis Capital are managing the company's IPO.