A $75-million market debut for Indian parcel delivery firm VRL Logistics Ltd IPO-VRLL.NS has encountered record demand, drawing bids for more than 70 times the number of shares on offer late last week, as investors bet on an e-commerce boom.
Subscription levels were the highest in nearly eight years, stock exchange data showed, roughly the highest since the global financial crisis hit.
Analysts said strong demand was helped by the successful listing of renewable energy firm INOX Wind (INWN.NS), which has lifted primary market sentiment, and growing demand for logistics services as Indians buy more online.
The sale received bids amounting to 74.26 times the number of shares on offer by the last day on Friday, stock exchange data showed.
via E-commerce boom spurs record demand for VRL Logistics IPO | Reuters.
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