Initial public offering (IPO) of Navkar Corporation, a container freight station (CFS) operator, has subscribed 2.85 times on Wednesday. The IPO which closed yesterday received 81.48 million bids as against issue size of 28.57 million shares. A total of 22.06 million bids were received at cut off price.

Qualified institutional buyers' portion was subscribed 6.74 times, while retail individual investors' portion was subscribed 1.62 times. On the other hand, non-institutional investors' portion was not subscribed fully. Non-institutional investors' portion was subscribed 90%.

Navkar Corporation is a CFS operator in India with three CFSs - Ajivali CFS I and Ajivali CFS II at Ajivali and Somathane CFS at Somathane, which are strategically located in Panvel, Maharashtra, in close proximity to the JN Port, the largest container port in India.