Mahindra Holidays & Resorts lists at Rs. 370 on NSE
Mahindra Holidays & Resorts India, one of the leading leisure hospitality providers in India and a part of Mahindra Group, made its debut on National Stock Exchange by opening at Rs. 370.
By ET Bureau |
MUMBAI: Mahindra Holidays & Resorts India, one of the leading leisure hospitality providers in India and a part of Mahindra Group, made its debut on National Stock Exchange by opening at Rs. 370, a premium of 23 per cent to the offer price of Rs. 300 per equity share. On Thursday, the scrip touched an intra-day high of Rs. 374.50 before ending debut trading day at Rs. 317.50. The total traded quantity on Day 1 was 12,746,398 shares.
The Company had fixed the price at Rs. 300 per equity share for its initial public offering (���IPO���) of 92,65,275 equity shares of Rs.10 each for cash at a price to be decided through a 100% book-building process (the ���Issue���). The bid/ issue closed on June 26. The issue got subscribed 9.06 times with QIB portion subscribed 12.01 times; HNIs around 8.89 times and Retail around 3.2 times.
The issue comprised of a fresh issue of 58,96,084 equity shares and an offer for sale of 33,69,191 equity shares by Mahindra & Mahindra Limited (the ���selling shareholder���). The issue constituted 11.0% of the fully diluted post-issue paid-up capital of MHRIL.
Commenting on the successful listing Arun K. Nanda, Chairman, Mahindra Holidays & Resorts India Ltd., said, ���the overwhelming debut and investor response demonstrates acceptance of the product concept and the business model of the company and faith in the company���s management team.���
The proceeds from MHRIL���s proposed issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts, to provide a larger range of resorts, and hence a wider choice of holiday destinations to members.
Kotak Mahindra Capital Company Limited was the Global Coordinator and Book Running Lead Manager (���GCBRLM���). HSBC Securities and Capital Markets (India) Private Limited and SBI Capital Markets were the Book Running Lead Manager (BRLMs).
The Company had fixed the price at Rs. 300 per equity share for its initial public offering (���IPO���) of 92,65,275 equity shares of Rs.10 each for cash at a price to be decided through a 100% book-building process (the ���Issue���). The bid/ issue closed on June 26. The issue got subscribed 9.06 times with QIB portion subscribed 12.01 times; HNIs around 8.89 times and Retail around 3.2 times.
The issue comprised of a fresh issue of 58,96,084 equity shares and an offer for sale of 33,69,191 equity shares by Mahindra & Mahindra Limited (the ���selling shareholder���). The issue constituted 11.0% of the fully diluted post-issue paid-up capital of MHRIL.
Commenting on the successful listing Arun K. Nanda, Chairman, Mahindra Holidays & Resorts India Ltd., said, ���the overwhelming debut and investor response demonstrates acceptance of the product concept and the business model of the company and faith in the company���s management team.���
The proceeds from MHRIL���s proposed issue are expected to be deployed in the setting up of new projects and expansion of some of the existing resorts, to provide a larger range of resorts, and hence a wider choice of holiday destinations to members.
Kotak Mahindra Capital Company Limited was the Global Coordinator and Book Running Lead Manager (���GCBRLM���). HSBC Securities and Capital Markets (India) Private Limited and SBI Capital Markets were the Book Running Lead Manager (BRLMs).
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