VRL Logistics' IPO subscribed 62% on Day 1
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16 Apr 2015
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The initial public offer of VRL Logistics was subscribed 62 per cent of the issue size on the first day of the issue yesterday, reported PTI. The public offer received bids for 1,01,26,480 shares against the total issue size of 1,62,69,006 shares, data at the NSE showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed about 36 per cent, while the category for non institutional investors received 1.05 times subscription. Retail investors pie saw 59 per cent subscription. The bidding for shares in the IPO will close on April 17. VRL Logistics is the fourth company to hit the capital markets this year. The IPO constitutes of a fresh issuance of Rs 117 crore worth of equity shares and an offer for sale of 1.71 crore equity shares by NSR-PE Mauritius LLC and the promoters' family. The company has fixed a price band of Rs 195-205 per share for its IPO. At the issue size of 1,62,69,006 shares, the company would raise over Rs 333 crore at the upper band. The proceeds of the issue would be utilised for expanding the company's existing fleet of goods transportation vehicles, repayment of loan and for other general corporate purposes. Out of the Rs 117 crore raised through fresh issuance, the company plans to purchase vehicles for Rs 64 crore and repay its debt of Rs 28 crore. Post IPO, promoters' stake would be reduced to 69-70 per cent while 25 per cent would be held by public and the rest 5 per cent would be held by investors. The equity shares are proposed to be listed on both BSE and NSE. The issue is being managed by ICICI Securities Limited and HSBC Securities and Capital Markets (India) Private Limited. |
| Source: Dion Global Type: IPO Related |
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