Mahindra Logistics fixes IPO price band at Rs. 425-429 per share

Mahindra Logistics Ltd, a subsidiary of automobile major Mahindra and Mahindra Group (M&M), has fixed the price band of its initial public offering (IPO) at Rs. 425 to Rs. 429 per share. Considering the upper end of the price band, the company is expecting to raise Rs. 829 crore from the issue.

The minimum bid lot for the offer is 34 equity shares and in multiples of 34 shares thereafter. The IPO will be open for subscription from October 31 to November 2, 2017, said the company in its filing to the exchange.

The issue comprises a sale of 1,93,32,346 shares, including offloading of 96,66,173 shares amounting to over 13 per cent stake by the parent firm M&M. Additionally, Normandy Holdings, a 100 per cent subsidiary of Kedaara capital, would sell 92,71,180 shares, while Kedaara Capital would offload another 3,94,993 shares.

Axis Capital Limited and Kotak Mahindra Capital Company Limited are the book-running managers to the IPO. Mahindra Logistics operates in two distinct business segments namely, supply chain management and corporate people transport solutions.