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Mahindra Logistics IPO Gets SEBI Approval

Mahindra Logistics IPO Gets SEBI Approval:

Mahindra Logistics IPO has received go-ahead from SEBI to garner about Rs 700 crore through an initial share-sale offering (IPO).

Company had filed its draft red herring prospectus with Sebi on August 4 and obtained “observations” on October 6, which is very important for any company to float a public offer, as per the latest update with Sebi.

As per sources company can launch its IPO by October month end only.

The public issue of Mahindra Logistics comprises sale of 1,93,32,346 equity shares. This includes sale of 96,66,173 shares, amounting to 13.74 per cent stake, by the parent firm Mahindra and Mahindra Ltd.

Besides, Normandy Holdings would sell 92,71,180 shares, while Kedara Capital would offload 3,94,993 scrips.

Normandy Holdings is a 100 per cent subsidiary of Kedaara Capital.

According to merchant banking sources, the company is expected to raise Rs 700 crore through the initial public offer (IPO).

“The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges. Further, our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders,” Mahindra Logistics said.

The company provides logistics solutions, warehousing, freight forwarding and supply chain services.

Kotak Mahindra Capital Company and Axis Capital will manage the companys IPO.

Market Update:

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While Matrimony.com Ltd IPO (Matrimony IPO) listed at 8.51% discount. Now  Capacit’e Infraprojects Ltd IPO (CIL IPO) lists at 36.96% Premium.

ICICI Lombard General Insurance Company IPO also able to lists successfully at 3.1% Premium.

SBI Life Insurance Company Ltd IPO lists at 1.14% Premium. Prataap Snacks Ltd IPO (PSL IPO) also able to list at 25.62% Premium.

Godrej Agrovet Ltd IPO (GAL IPO) also lists at 29.47% Premium.

Now MAS Financial Services Ltd IPO (MFSL IPO) got good overall subscription.  MAS Financial Services IPO Allotment and Listing will be in process.

While MAS Financial Services Ltd (MFSL) IPO Grey Market Premium (GMP) is trading between Rs 215 – Rs 225 per equity share.

Indian Energy Exchange Ltd IPO (IEX IPO) subscription also closed successfully. Now Indian Energy Exchange IPO Allotment and Listing will be in process.

While Indian Energy Exchange Ltd (IEX) IPO Grey Market Premium (GMP) is not trading as of now.

General Insurance Corporation of India IPO (GIC RE IPO) also able to subscribe fully. Now General Insurance Corporation IPO Allotment and Listing will be in process..

General Insurance Corporation Of India (GIC RE) IPO Grey Market Premium (GMP) is trading at discount of Rs 25 – Rs 30 per equity share.

Reliance Nippon Life Asset Management Ltd IPO (RNAM IPO) is going to be active from October 25, 2017 – October 27, 2017.

While Reliance Nippon Life Asset Management Ltd (RNAM) IPO Grey Market Premium (GMP) is trading between Rs 55 – Rs 65 per equity share.

Some SME IPO will also be active in market in coming week.

This year we can see some good IPO hitting market like NSE Ltd IPOHDFC Standard life insurance etc.

Keep watching this blog to keep yourself updated with all the news.

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