The Rs 600-crore initial public offering (IPO) of logistics firm Navkar Corporation was over-subscribed by 2.75 times today, the last day of subscription.
The IPO received bids for 7.85 crore shares as compared to 2.86 crore equity scrips on offer, translating into a subscription of 2.75 times, according to data available with the National Stock Exchange (NSE) till 1600 hours.
The bidding for the IPO, which started on August 24, would conclude today. The price band for the issue has been fixed at Rs 147-155 per share.
Retail portion got a subscription of 60 per cent, while Qualified Institutional Buyers (QIBs) and non-institutional investors categories were subscribed by 19 per cent and two per cent, respectively, till yesterday.
The company had allotted 1.16 crore equity shares to 15 anchor investors – Morgan Stanley, Nomura, HDFC MF, SBI MF, Reliance MF, Franklin, IDFC, Sundaram MF, L&T MF, Kotak MF, Prime India, Amundi, Ashbunon India, Abudhabi Investment Authority.
Maharashtra-based Navkar Corp plans to mobilise up to Rs 510 crore by issuing fresh equity shares and rake in up to Rs 90 crore through sale of existing shares.
The funds would be used for capacity enhancement of the Somathane container freight station (CFS), development of the non-notified areas of CFSs and establishment of a logistics park at Valsad in Gujarat.
The issue is being managed by Axis Capital, SBI Capital Markets and Edelweiss Financial Services.