Navkar Corporation IPO over-subscribed

The Rs 600-crore initial public offering (IPO) of the Maharashtra based logistics firm Navkar Corporation was over-subscribed by 2.75 times on, the last day of subscription yesterday, said the media reports.

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).

The bidding for the IPO, which started on August 24, concluded yesterday. 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..

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.

The issue is being managed by Axis Capital, SBI Capital Markets and Edelweiss Financial Services.