Home / Companies / VRL Logistics IPO oversubscribed on second day

Mumbai: Transport firm VRL Logistics Ltd’s public offer to sell shares received bids for 1.28 times the number of shares on offer on its second day, according to National Stock Exchange data. The offer closes on 17 April.

At 3.00pm, VRL’s initial public offering (IPO) had received 20.7 million bids for the 16.2 million shares on offer.

VRL is looking to raise almost 460 crore in the IPO. Out of this, 117 crore would be raised by selling new shares. Alongside, New Silk Route (NSR), a private equity investor in VRL, is offering 14.5 million of its shares for sale, in order to make a part exit.

On Tuesday, VRL raised around 140 crore through anchor investors at 205 a share. The firm has fixed a price band of 195-205 for the IPO.

In 2012, NSR had invested 175 crore in the company, which was its first investment in the logistics and infrastructure sector. At 205 a share, NSR will earn 298.2 crore for its shares.

The issue is being managed by ICICI Securities Ltd and HSBC Securities and Capital Markets (India) Pvt. Ltd.

Karnataka-based VRL is involved in surface logistics and parcel delivery across India through its 628 branches across states and union territories. As on 31 December, the firm owned 3,546 vehicles.

The firm also runs luxury bus services in Karnataka, Maharashtra, Goa and Andhra Pradesh.

This is the fourth IPO in 2015. So far in 2015, three companies have raised 1,568.7 crore, according to data from Prime Database, a primary market tracker. While Inox Wind Ltd saw its IPO oversubscribed by almost 18 times, others such as Adlabs Entertainment Ltd and Ortel Communications Ltd, struggled to attract investors to their issues.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Recommended For You
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout