VRL Logistics IPO subscribed 74 times

MUMBAI: The Rs 460-crore initial public offering (IPO) of VRL Logistics was subscribed 74 times at close on Friday led by strong demand from institutional and rich investors.

The issue received bids for 120 crore shares against the 1.63 crore shares offered. Analysts said the strong subscription to the recent Inox Wind IPO and its stellar listing prompted investors to apply aggressively to the VRL offering.

By 7 pm, the VRL IPO’s institutional portion was subscribed 58 times, while the high net worth individuals’ (HNI) portion was subscribed more than 250 times. Retail investors bid for seven times the shares set aside for them. VRL had priced the IPO in the price range of Rs 195 to Rs 205 a share.

Earlier this week, VRL had raised around Rs 170 crore from 15 anchor investors — mostly mutual funds — at Rs 205 a piece.

Almost all the domestic brokerages, including IIFL, Angel Broking, Sharekhan and Asit Mehta had recommended subscribing to the IPO saying the issue was priced at discount to its peers like Gati and Transport Corporation of India.