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Navkar Corp Sets Price Band For Rs 600-Cr IPO

Navkar Corp, IPO, Stock Market, price band, Oversubscribed

Mumbai: Logistics firm Navkar Corporation has set the price band at Rs 147-155 per equity share for its initial public offering (IPO) which opens for subscription on August 24.

The company proposes to open on Monday an initial public offering aggregating up to Rs 600 crore.

Anchor investors would bid on Friday and the offer would close on August 26, 2015, for all bidders, the company said in a statement.

Maharashtra-based Navkar Corp would mobilise up to Rs 510 crore by issuing fresh equity shares and rake in up to Rs 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 shares of the company are proposed to be listed on BSE and NSE.

With this issue, Navkar will be the 11th company to hit the capital markets this year.

Axis Capital, Edelweiss Financial Services and SBI Capital Markets are the joint global coordinators and book running lead managers to the issue.

After a quiet 2014, the IPO market is buzzing again as 10 IPOs have already hit the market this year and many others are in the pipeline, including those of popular brands like IndiGo, Cafe Coffee Day and Matrix.

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