VRL Logistics IPO oversubscribed 74 times

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The initial public offering of transport firm VRL Logistics has received overwhelming response as the issue oversubscribed 74.02 times of the issue size on the final day on Friday. The public offer received bids for 1,20,41,97,865 shares against the total issue size of 1,62,69,006 shares, supported by QIBs and HNIs.

The qualified institutional buyers (QIBs) category was subscribed 58.22 times and the non-institutional investors’ portion received 250.86 times subscription. Retail investors’ category got subscribed 6.61 times.

The public issue consisted of a fresh issue of equity shares aggregating up to Rs 117 crore and an offer for sale of up to 1,71,16,000 equity shares by NSR-PE Mauritius LLC and promoters Vijay Sankeshwar & Anand Sankeshwar. The price band was Rs 195-205 per share.

The logistics company, on April 13, received Rs 140.36 crore by issuing 68.5 lakh equity shares to 15 anchor investors like Franklin India Smaller Companies Fund, ICICI Prudential, Eastspring Investments India Equity Fund, DSP Blackrock Small & Midcap Fund, Birla Sun Life etc.

The equity shares of the company are proposed to be listed on BSE and the NSE. The global coordinators & book running lead managers to the issue were ICICI Securities Limited and HSBC Securities and Capital Markets (India) Private Limited.

The logistics and parcel delivery service provider owned and operated the one of the largest fleet of commercial vehicles in the private sector in India. Its operational infrastructure for the goods transportation business as of December 31, 2014 comprised 624 branches (comprising 604 leased branches and 20 owned branches) and 346 agencies across India.

As of December 31, 2014, the company’s goods transportation fleet included 3,546 owned vehicles. The company also provides luxury bus services across the states of Karnataka, Maharashtra, Goa, Andhra Pradesh, Telengana, Tamil Nadu, Gujarat and Rajasthan.