Indian share markets witnessed some losses at the end of the day and ended their session marginally lower. Losses were largely seen in the metal sector and IT sector, while realty stocks ended the day higher.
At the closing bell, the BSE Sensex stood lower by 53 points (down 0.2%) and the NSE Nifty closed lower by 28 points (down 0.3%). The BSE Mid Cap index ended the day up by 0.1%, while the BSE Small Cap index ended the day up by 0.5%.
Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng was down 0.32% and the Nikkei was trading flat. The Shanghai Composite stood higher by 0.12%. The rupee was trading at 64.74 to the US$ at the time of writing.
In the news from the IPO markets, Mahindra Logistics, the subsidiary of Mahindra & Mahindra, was subscribed 37% today – its first day of initial public offering.
The company has set the price band of Rs 425 to 429 per share. The minimum lot size for subscription is 34 shares. The issue will remain open from October 31 to November 2, 2017.
Mahindra Logistics is one of India’s largest 3PL (third-party logistics) solutions providers in the Indian logistics industry which was estimated at Rs 6.4 trillion in Fiscal 2017, according to the CRISIL Report.
The company follows an asset-light business model in which assets necessary for its operations such as vehicles and warehouses are owned or provided by a large network of business partners. The technology enabled asset-light business model allows for scalability of services as well as the flexibility to develop and offer customized logistics solutions across a diverse set of industries.
Is the company leaving enough money on the table for investors? We recently released our IPO note for the above IPO.
Speaking of IPOs, 2017 is set to be a record year for initial public offerings. However, is it worth investing in IPOs?