Mahindra Logistics IPO opens today, Rs247.20 crore raised from anchor investors
Mumbai: Mahindra Logistics Ltd, the logistics arm of automobile maker Mahindra and Mahindra Ltd (M&M), on Monday said it has raised Rs247.2 crore by selling shares to institutional investors as part of its anchor book allocation, a day before its initial public offering (IPO) opens.
Shares were allocated to 15 investors at Rs429 apiece, the upper end of the price band of Rs425-429 for the IPO. The Rs829.36 crore IPO will open on 31 October and close on 2 November. Institutional investors that participated in the anchor book allocation include Goldman Sachs India Ltd, Reliance Capital Trustee Co. Ltd, Aditya Birla Sun Life Trustee Pvt. Ltd, HDFC Trustee Co. Ltd and DSP Blackrock among others.
The share sale is a purely secondary offering, which will see parent M&M and private equity firm Kedaara Capital sell 19.33 million shares. The offer will see a total stake dilution of 27%. M&M, which holds 72.36% in Mahindra Logistics, will sell 9.66 million shares worth Rs414.67 crore; Normandy and Kedaara will sell shares worth Rs397.73 crore and Rs16.94 crore, respectively. Kedaara bought a 23% stake for Rs200 crore in 2014.
Mahindra Logistics has hired Kotak Mahindra Capital Co. Ltd and Axis Capital to manage the share sale.