Navkar Corporation shares gained over 7 per cent on Wednesday after opening around 2 per cent down than its issue price. The logistics company made its debut on the BSE and NSE on Wednesday. The company’s IPO closed on August 26, 2015 and was subscribed 2.85 times, with total bids for 8.14 crore shares, compared with 2.85 crore equity shares on offer.
The share price of the logistics company closed 7.35 per cent higher at Rs 166.40 as compared with its issue price of Rs 155. The scrip opened at Rs 152 and touched a high and low of Rs 168.40 and Rs 152, respectively, in trade.
Navkar Corporation is a CFS operator having three units – Ajivali CFS I and Ajivali CFS II at Ajivali, and Somathane CFS at Somathane. All of the three CFS units are located in close proximity to the Jawaharlal Nehru Port, India’s largest container port.
As of March 2015, the company’s aggregate installed handling capacity stood at 310,000 TEUs per annum. The company also offers services like cargo storage facilities at CFSs, packing, labeling/bar-coding, palletising, fumigation and other related activities. It also provides warehousing facilities, for which, it occupies an aggregate area of 500,000 sq ft. Further, the company owns and operates a private railway freight terminal equipped with 461 trailers for the transportation of cargo between CFSs and the Jawaharlal Nehru Port.