It touched day's low of Rs 416.10 on the National Stock Exchange while its issue price is day's high.
Moneycontrol News
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Mahindra Logistics, the subsidiary of Mahindra & Mahindra, listed at a 0.2 percent discount to its issue price of Rs 429 per share on Friday and then immediately fell further.
At 10:05 hours IST, the stock was trading at Rs 420.40, down 2 percent from its pre-opening as well as issue price.
It touched day's low of Rs 416.10 on the National Stock Exchange while its issue price is day's high.
The 3rd party logistics (3PL) solutions provider raised Rs 829.35 crore through the issue, at higher end of price band of Rs 425-429 per share during. Out of which, Rs 247 crore had raised from anchor investors.
The initial public offering was oversubscribed over 7.9 times during October 31-November 2, 2017.
It was an offer for sale of 1,93,32,346 equity shares by parent firm Mahindra and Mahindra (96,66,173 shares); investors Normandy Holdings and Kedaara Capital. Normandy Holdings is a 100 percent subsidiary of Kedaara Capital.
