Raigad-based logistics company Navkar Corporation Ltd made its debut on the stock exchanges on Wednesday with its shares opened for trading at Rs 152 a piece, nearly 2 per cent lower than its issue price of Rs 155 per share but later regained momentum and ended the first day at Rs 166.4 a share, a premium of over 7 per cent to the issue price, tracking broader bounce in secondary market.
Navkar Corporation had priced its issue at the upper end of the Rs 147-155 a share band after it raised Rs 600 crore in the recently concluded initial public offer (IPO). The issue was oversubscribed 1.8 times after a slow start.
The issue comprised fresh issue of equity shares aggregating to Rs 510 crore ($82 million) and an offer for sale of Rs 90 crore ($14 million) by the selling shareholder namely Sidhhartha Corporation Pvt Ltd, a member of the promoter group, through the IPO.
It raised Rs 173 crore from a total of 15 anchor investors by allocating 11.6 million equity shares.
The anchor investors included Morgan Stanley Mauritius Company, Ashburton India Equity Opportunities Ltd, Nomura Singapore, IDFC Fund, HDFC Infrastructure Fund, Franklin India Smaller Companies Fund, Prime India Opportunity Fund and Amundi Funds, among others.
Founded in 1983, Navkar Corporation is promoted by Shantilal Jayavantraj Mehta and Nemichand Jayavantraj Mehta. The company’s services include packing, labelling/bar-coding, palletising, fumigation and other related activities at warehouses.
The logistics company works with shipping lines and customs house agents like United Arab Shipping Agency Company (India) Pvt Ltd, NYK Line (India) Ltd, Hyundai Merchant Marine India Pvt Ltd, Evergreen Shipping Agency (India) Pvt Ltd and S. Ramdas Pragji Forwarders Pvt Ltd.
Axis Capital, Edelweiss and SBI Capital managed the issue.