1. Navkar Corp IPO subscribed 36% on second day

Navkar Corp IPO subscribed 36% on second day

The initial public offering (IPO) of logistics company Navkar Corporation was subscribed 36 per cent on the second day of the issue.

By: | Mumbai | Published: August 25, 2015 10:11 PM

The initial public offering (IPO) of logistics company Navkar Corporation was subscribed 36 per cent on the second day of the issue.

While IPOs of Shree Pushkar Chemicals and Fertilisers and Pennar Engineered Building Systems witnessed a subscription of 33 per cent and two per cent respectively on their first day of the issue.

Navkar Corp’s Rs 600 IPO received bids for 1.03 crore shares compared with 2.86 crore equity scrips on offer, translating into a subscription of 36 per cent, according to data available with the National Stock Exchange (NSE) till 1700 hours today.

The bidding for the IPO, which begun yesterday, would conclude on August 26. The price band for the issue has been fixed at Rs 147-155 per share.

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.

Shree Pushkar Chemicals and Fertilisers’ IPO got bids for over 37.76 lakh shares as against 1.15 crore equity scrips on offer. The company aims to raise Rs 70 crore by issuing fresh shares as well as an offer for sale of 20,26,589 shares.

With regard to public offer of Pennar Engineered Building, the company has received bids for over 1.56 lakh shares as against an offer of 62.95 lakh equity scrips.

The firm is aiming to garner Rs 156 crore through fresh issue of shares and an offer for sale by private equity investor Zephyr Peacock and others. It has fixed a price band of Rs 170 to Rs 178 for the IPO.

The public offers of Shree Pushkar Chemicals and Fertilisers and Pennar Engineered Building would close on August 27.

After a quiet 2014, the IPO market is buzzing again as 10 IPOs have already hit the market this year and many others are in the pipeline, including those of popular brands like IndiGo, Cafe Coffee Day and Matrix.

These 10 companies have mobilised about Rs 4,700 crore through IPOs, higher than funds raised in the preceding two years.

In comparison, a total of six IPOs had hit the market in 2014 and together garnered just Rs 1,261 crore while in 2013, three companies raked in Rs 1,284 crore through initial share sale plans.

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