The company has fixed price band of Rs 195-205 per share for its proposed IPO. Based on the price band, the IPO could raise between Rs 451 crore and Rs 468 crore through its initial share-sale programme.
VRL Logistics will hit the capital markets tomorrow with an estimated Rs 468-crore initial public offer (IPO). The bidding for shares in the IPO will open on Wednesday and close on April 17, making VRL Logistics the fourth company to hit the capital markets this year.
The IPO constitutes of a fresh issuance of Rs 117 crore worth of equity shares and an offer for sale of 1.71 crore equity shares by NSR-PE Mauritius LLC and the promoters' family.
The company has fixed price band of Rs 195-205 per share for its proposed IPO. Based on the price band, the IPO could raise between Rs 451 crore and Rs 468 crore through its initial share-sale programme.
The proceeds of the issue would be utilised for expanding the company's existing fleet of goods transportation vehicles, repayment of loan and for other general corporate purposes.
Out of the Rs 117 crore raised through fresh issuance, the company plans to purchase vehicles for Rs 64 crore and repay its debt of Rs 28 crore. Post IPO, promoters' stake would be reduced to 69-70 percent while 25 percent would be held by public and the rest 5 percent would be held by investors. The equity shares are proposed to be listed on both BSE and NSE.
The issue is being managed by ICICI Securities Limited and HSBC Securities and Capital Markets (India) Private Limited. This is the company's second attempt to enter the capital markets.
Earlier in December 2010, the Karnataka-based company had filed draft documents with Sebi for an IPO of 2.35 crore equity shares.
VRL, which has a total fleet strength of over 3,400 vehicles, employs 15,000 people. It provides luxury bus service in states such as Karnataka, Maharashtra, Goa, Andhra Pradesh, Telangana, Tamil Nadu, Gujarat and Rajasthan.
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