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Business News/ Market / Stock-market-news/  Navkar’s `600 crore IPO to open on 24 August
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Navkar’s `600 crore IPO to open on 24 August

The bidding will close on 26 August

Maharashtra-based Navkar Corp. would mobilize up to `510 crore by issuing fresh equity shares and rake in up to `90 crore through sale of existing shares.Premium
Maharashtra-based Navkar Corp. would mobilize up to `510 crore by issuing fresh equity shares and rake in up to `90 crore through sale of existing shares.

New Delhi: Logistics company Navkar Corp. Ltd will launch its initial public offer (IPO) on 24 August to raise 600 crore.

The bidding will close on 26 August. With this issue, Navkar Corp. will be the 11th company to hit the capital markets this year. Besides, infrastructure firm Dilip Buildcon and Prabhat Dairy, an integrated milk and dairy products company, are also expected to hit the capital markets this month, while Power Mech Projects Ltd has already launched its IPO in August.

Maharashtra-based Navkar Corp. would mobilize up to 510 crore by issuing fresh equity shares and rake in up to 90 crore through sale of existing shares. The funds would be used for capacity enhancement of the Somathane container freight station (CFS), development of the non-notified areas of CFSs and establishment of a logistics park at Valsad in Gujarat.

The issue is being managed by Axis Capital, SBI Capital Markets and Edelweiss Financial Services. After a quiet 2014, IPO market is buzzing again as 10 IPOs have already hit the market this year and many others in the pipeline, including popular brands like IndiGo, Cafe Coffee Day and Matrix.

These 10 firms have raised nearly 4,700 crore via crore through IPOs, higher than funds raised in the preceding two years. A total of six IPOs had hit the market in 2014 and together garnered just 1,261 crore, while in 2013, three companies raked in 1,284 crore through initial share plans.

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Published: 13 Aug 2015, 10:51 PM IST
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