Mahindra Holidays' IPO price fixed at Rs 300 per equity share

Leisure hospitality provider, Mahindra Holidays and Resorts India (MHRIL), has fixed the price at Rs 300 per equity share for its Initial Public Offering (IPO).        

The Mahindra Group company's IPO comprised of an issue of 92,65,275 equity shares of Rs 10 each for cash at a price to be decided through the 100 per cent book-building process.        

The bid/issue opened on June 23 and closed on June 26 and the price band was fixed between Rs 275 and Rs 325 per equity share, a press release issued here said.        

The size of the issue stood at Rs 301.12 crore at the upper end of the price-band and Rs 254.80 crore at the lower end.        

As per initial data available on the NSE website, the issue got subscribed 9.8 times with the QIB portion subscribed around 12.83 times, HNIs arond 11.01 times and retail around 3.3 times, the release said.        

At the top end of the price band (Rs 325), the overall issue was subscribed around 7.13 times with the QIB bucket around 8.56 times.        

The retail investors' portion was subscribed around 3.36 times.        

The issue received bids for 9,08,33,800 shares as against the issue size of 92,65,275 shares, the release said.

MHRIL's Chairman, Arun Nanda, said, "I am delighted with the overwhelming investor response which demonstrates acceptance of the product concept and the business model of the company and faith in the Mahindra Group management."        

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 M&M, the selling shareholder.        

The issue constituted 11 per cent of the fully diluted post-issue paid-up capital of the company.        

The proceeds of the 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, the release said.        

Kotak Mahindra Capital Company was the Global Co-ordinator and Book-Runnning Lead Manager and HSBC Securities and Capital Markets (India) and SBI capital Markets were the book-running lead managers.