Navkar Corp lists below issue price
Shares of Container Freight Station (CFS) operator Navkar Corporation saw a below-than-issue-price listing at Rs. 152 per share on BSE and NSE this morning, vis-a-vis IPO price of Rs. 155 per share.
Despite a 2.85 times subscription to the Rs. 600 crore IPO, which closed on 26th August, company’s shares could keep up with the momentum, when broader markets are in 1.45% the green. Currently, share price is ruling 4.47% higher at Rs. 158.80, on NSE, which the day’s high and low prices being 163.75 and 152.00 respectively.
A total of 1.75 crore shares have changed hands, whichhh represents approximately 45% of the IPO size. Since HNI and retail portions were subscribed 0.90 times and 1.62 times respectively, it is unlikely that they are buying currently. So does this represent buying from institutions, the portion for which was subscribed by 6.47 times in the IPO?
Current shareholding pattern revels that promoters own 72.86% stake in the company and 13.57% each is held by institutional investors and retail shareholders.