November 2, 2017 / 1:55 PM / 10 months ago

India's Mahindra Logistics $129 million IPO oversubscribed nearly 8 times

(Reuters) - India’s Mahindra Logistics Ltd’s initial public offering of shares to raise 8.3 billion rupees ($128.5 million) was oversubscribed nearly eight times on the last day of the sale on Thursday, stock exchange data showed.

The logo of Mahindra & Mahindra Ltd is pictured on the pocket of a salesman's shirt as he poses inside the company's showroom in Mumbai August 13, 2013. REUTERS/Danish Siddiqui/Files

Investors bid for 106.4 million shares, or 7.84 times the 13.57 million on offer, according to stock exchange data as of 1330 GMT.

The company’s shareholders Mahindra and Mahindra Ltd, Normandy Holdings and Kedaara Capital Alternative Investment Fund were selling a total 19.3 million shares, or a 27.5 percent stake, in the IPO.

Anchor investors subscribed to 5.76 million shares as part of the IPO.

Kotak Investment Banking and Axis Capital are the banks managing the IPO.

($1 = 64.6100 Indian rupees)

Reporting by Vishal Sridhar in Bengaluru, editing by David Evans

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