VRL Logistics makes successful Stock Exchange debut
VRL Logistics, one of India’s leading parcel delivery and courier service companies, made a successful debut on the National Stock Exchange of India (NSE) today. Shares of the company opened at Rs 288, a premium of more than 40% to the offer price of Rs 205, and touched a high of Rs 309. VRL Logistics’ Rs 460 crore-initial public offering was oversubscribed 74 times, according to local sources.
VRL Logistics was established in 1976 and currently claims to have a fleet of more than 3,800 vehicles.
General parcel delivery is the company’s core business. The company reports that it has offices in more than 600 towns and cities across India, and a network of more than 900 branches and franchisees.
VRL Logistics also offers courier services for time sensitive documents and packages. The courier business is focused on the state of Karnataka, but the company says that “certain major out-of-Karnataka locations are being serviced through tie-ups with other operators”.
