Shares of Mahindra Logistics fell as much as 2.1 percent on its market debut on Friday after the company raised Rs 830 crore ($128 million) via an initial public offering last week.
The issue was, however, subscribed nearly eight times on the last day of the sale.
At 11:05 am, the stock was trading 0.31 percent lower (compared to the issue price of Rs 429) at 427 level.
The stock closed 0.03 percent or 0.15 points higher at 429 level over its issue price on the BSE.
Mahindra and Mahindra's (M&M) subsidiary Mahindra Logistics initial public offer (IPO) opened today. On October 30, the firm raised a little over Rs 247 crore from anchor investors. The company's IPO committee finalised allocation of 57,62,203 equity shares to 15 anchor investors at Rs 429 apiece, also the upper price band for the offer.
At this price, the total amount works out to be Rs 247.2 crore. The IPO of Mahindra Logistics was open for public subscription till November 2. The company 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 comprised 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.
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