Shares of Navkar Corporation Limited listed on the bourses on Wednesday and closed with decent gains. Readers would recall that Navkar Corporation Limited which had tapped the market with its simultaneous offer for sale and fresh issue is to list on the markets on Wednesday the 9th of September. The company had raised Rs 510 crs by way of a fresh issue and Rs 90 crs by offer for sale in a price band of rs 147-155. The issue was priced at the upper band and was oversubscribed 2.85 times. HNI portion remained undersubscribed at 0.90 times. The HNI subscription was reduced further and finally a mere 16,56,250 shares were allotted.
The discovered price was Rs 152 which was below the allotment price and thereafter the share moved up. It may be noted that during the time that Navkar Corporation issue was open for subscription Manic Monday had happened and the SENSEX lost over 1,600 points. Lightning never strikes twice at the same place and therefore on listing the share had the good luck of favourable market and global cues. After a positive Tuesday and Wednesday when markets recovered substantial ground the share benefited and closed with gains of 7.35% on the BSE and 8.35% on the NSE.
| Exchange | Open | High | Low | Close | Net Change | % Gain/loss | Wt. Avg | Volume | Delivery | Del %age |
| BSE | 152.00 | 168.40 | 152.00 | 166.40 | 11.40 | 7.35 | 161.64 | 10960310 | 4542483 | 41.44 |
| NSE | 152.00 | 169.45 | 152.00 | 167.95 | 12.95 | 8.35 | 161.78 | 26761101 | 9850749 | 36.81 |
| Total | 37721411 | 14393232 | 38.16 |
The interesting part is the delivery volume which is a huge 38.16% of the traded volume and a total of 143.93 lac shares were delivered on day one. If one is to consider as a percentage of the shares sold in the IPO it is 37.18% of the 3.87 cr shares allotted including the offer for sale. If we consider the portion after deducting the anchor whose shares are locked for 30 days the delivery percentage rises significantly to 53.11%. This means that more than half the shares in the IPO have been exited on day one. The significant part is that the share has not traded at a discount and yet this has happened.
Exchange data shows that no there was a buye on the NSE, Goldman Sachs who bought in two different name. In one account 14,12,146 shares were bought at 160.99 and in another account 14,00,000 shares were bought at Rs 167.53. This purchase is good news for the shareholders of Navkar who have had a creditable exit making listing gains.
The hype of the issue did not materialise in subscription but the listing has been decent and an honourable exit available to all who wanted to exit. Let us see how the share fares in the medium term.
