Navkar Corporation shares gained as much as 5.6 per cent on Wednesday in morning trade after opening around 2 per cent down than its issue price. (Reuters)
Navkar Corporation shares gained as much as 5.6 per cent on Wednesday in morning trade after opening around 2 per cent down than its issue price.
At 10.21 am, shares of the logistics company were trading 2.3 per cent higher at Rs 158.60 apiece as compared with its issue price of Rs 155. It opened at Rs 152 and touched a high and low of Rs 163.80 and Rs 152, respectively, in trade so far. Sensex was up over 300 points at 25,653.
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.
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.
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