Mahindra Logistics makes tepid stock market debut

Mahindra Logistics, a subsidiary of Mahindra & Mahindra, made a tepid stock market debut on Friday. The stock listed at 0.2 per cent discount at an issue price of Rs. 429 per share on BSE on Friday, dwindling soon after.
 
The stock hit an intraday low of Rs. 416.55 per share, down by nearly 4 per cent and an intraday high of Rs. 433.95 per share, higher by 0.45 per cent on BSE in Friday ’s trade. The stock closed at Rs. 429.15 per share, higher by 0.03 per cent from its previous close on BSE. However, its closing price was 0.66 per cent lower from its issue price.
 
The humble listing of the stock was largely credited to the weak market conditions.
 
The company raised Rs. 829.35 crore through the IPO, with a higher end of price band of Rs. 425-429 per share. While about Rs. 247 crore of the total fund was raised from anchor investors. The initial public offering of the company was oversubscribed by over 7.9 times.
 
The initial public offering of 1,93,32,346 equity shares was made by the company’s parent firm Mahindra & Mahindra, investors Normandy Holdings and Kedaara Capital.