November 18, 2017

Mahindra Logistics shares fall over 2% on market debut

11 November 2017, 10:49 | Silvia Roy

Mahindra Logistics falls 2.1% on market debut

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

The stock closed at Rs 429, the price at which it had issued shares to investors in its Rs 830-crore initial public offering (IPO) last week.

The share touched its 52-week high Rs 1,459.50 and 52-week low Rs 1,165.00 on 12 June, 2017 and 02 December, 2016, respectively. Mahindra Logistics' IPO comprised sale of approx 1.93 Cr shares.

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.

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The portion meant for qualified institutional buyers (QIBs) was oversubscribed 15.60 times, non institutional investors 2.07 times and retail investors 6.10 times. The company fixed a price band of Rs 425-429 per share.

The companys market valuation stood at Rs 3,058.39 crore.

Under the SCM segment, it offers customized end-to-end logistics solutions and services (transportation & distribution, warehousing, in-factory logistics and value-added services). The bottom line numbers beat Rs 1,169 crore profit analysts estimated in an ETNow poll.

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Automobile major Mahindra & Mahindra (M&M) on Friday reported an increase of 24.79 per cent in its standalone net profit for the second quarter (Q2) of 2017-18.

The company sold 2,079 trucks during the quarter, a growth of 86 per cent over the previous year.

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