Mahindra Logistics ends flat on debut

Mahindra Logistics’ IPO covered eight times NIA issue little changed on day 2

Mahindra Logistics’ IPO covered eight times NIA issue little changed on day 2

At the upper end of the price band, the public issue is expected to fetch Rs 829.35 crore. The bottom line numbers beat Rs 1,169 crore profit analysts estimated in an ETNow poll.

According to the company, its standalone net profit during the quarter under review increased to Rs 1,331.57 crore from Rs 1,067.03 crore reported in the corresponding period of 2016-17.

In terms of equity volume, 14.99 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

The companys market valuation stood at Rs 3,058.39 crore. The listing comes after the scrip's IPO which had closed on November 2 and got oversubscribed 8 times by then.

The shares of Mahindra Logistics, subsidiary of automobile company Mahindra & Mahindra (M&M), ended flat during the stock market debut on Friday. The IPO had 7.9 times subscription, with the institutional and retail (small investor) portion seeing 16 times and six times more demand than the shares on offer.

By 0433 GMT, shares in the company were trading at 425.55 rupees on the National Stock Exchange, down 0.80 percent versus its issue price of 429 rupees.

Kotak Mahindra Capital Company and Axis Capital managed the companys IPO.

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