VRL Logistics' IPO subscribed 62 per cent on Day 1

The initial public offer of VRL Logistics was subscribed 62 per cent of the issue size on the first day of the issue today. The public offer received bids for 1,01,26,480 shares against the total issue size of 1,62,69,006 shares, data at the NSE showed. The portion reserved for qualified institutional buyers (QIBs) was subscribed about 36 per cent, while the category for non institutional investors received 1.05 times subscription. Retail investors pie saw 59 per cent subscription. The bidding for shares in the IPO will close on April 17. VRL Logistics is 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 a price band of Rs 195-205 per share for its IPO. At the issue size of 1,62,69,006 shares, the co .. The company has fixed a price band of Rs 195-205 per share for its IPO. At the issue size of 1,62,69,006 shares, the company would raise over Rs 333 crore at the upper band. 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