Bengaluru: The Rs829.36 crore initial public offering (IPO) of Mahindra Logistics Ltd, the logistics arm of automobile maker Mahindra and Mahindra Ltd (M&M), was subscribed 7.83 times on Thursday, the last day of the share sale.
According to data from stock exchanges, as of 7pm, the portion of shares reserved for institutional investors saw a subscription of 15.6 times, while the portions reserved for retail investors and high net-worth individuals were subscribed 5.97 times and 2.07 times, respectively.
Mahindra Logistics had priced its shares at Rs425-429 apiece. The share sale was a pure secondary offering, with parent M&M and private equity (PE) firm Kedaara Capital selling 19.33 million shares. Kedaara bought a 23% stake in the company for Rs200 crore in 2014. M&M and Kedaara Capital will get Rs414.67 crore each from the share sale.