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After opening a tad below the issue price of ₹155, Navkar Corporation ended with gains of 9.77 per cent at ₹166.85 on the NSE on upbeat equity market mood on Wednesday. The stock opened at a low of ₹152.
A combined volume of 3.76 crore shares changed hands on the BSE and the NSE.
The Maharashtra-based logistics company, which came out with a ₹600-crore initial public offering in August, received a tepid response despite brokerages recommending subscribing to the IPO on account of tough market conditions.
The company’s issue was oversubscribed by only 2.84 times on overall basis. This was chiefly due to the support from the institutional investor portion, which was subscribed 6.4 times, compared with 1.6 times and 0.89 times for the retail and HNI portions, respectively.
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