Shares of logistics company Navkar Corporation made a muted debut on the bourses today but soon surged over 5 per cent above its issue price of Rs 155.
Earlier in the day, the shares listed at Rs 152, went down nearly 2 per cent from its issue price on the BSE.
At 12.15 pm, shares of the company were trading at Rs 160.40 on the BSE.
The Rs 600-crore initial public offering (IPO) of the Maharashtra-based company was over-subscribed 2.8 times.
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.
Meanwhile, the broader market was trading in the positive territory, with the 30-share benchmark Sensex gaining 464.83 points to trade at 25,782.70 points.