Pipavav Shipyard IPO : Subscribed 6.64 times

by khalid on 19/09/2009 · 0 comments

Pipavav Shipyard

The IPO of private ship-builder Pipavav Shipyard got over subscribed 6.64 times till the final day, 18 Sep 09, getting a strong response from investors. The IPO had received an overwhelming response as it was fully subscribed within the first hour of its issue.

Data available with the NSE :
Shares offered : 7 crore shares
Got bid for : 46.57 crore shares
Face value : Rs 10 each
Expected funds raised : Rs 513 crore

The company had offer a total of 8.55 crore shares in the price band of Rs 55-60. It has reserved about 1.53 crore shares for anchor investors. Anchor investors are those individuals or institutions who subscribe to IPOs before these begin.

The proceeds of this IPO will be utilise by the company for the construction of facilities for ship building, ship repairing and for working capital requirements.

Pipavav Shipyard is the latest firm to take advantage of the recent rally in the stock market, the company promoted by domestic engineering major Punj Lloyd, SKIL and Grevek Investments,

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