Pipavav Shipyard's IPO subscribed over 8 times
18 Sep 2009
The Initial Public Offering (IPO) of Pipavav Shipyard has been subscribed more than 8 times. The QIB portion of the issue was subscribed 10.6 times while the non-institutional segment saw bids 14.8 times its size on the last day of the issue, as per data provided by the National Stock Exchange (NSE).
The retail portion of the issue was subscribed 2.9 times while the employees' part was under-subscribed.
Pipavav Shipyard, which planned to raise around Rs510 crore through the issue, received bids for 578.71 million shares, about 8.25 times the number of shares it planned to sell, NSE data showed.
The IPO received commitment of Rs92 crore from six anchor investors - Batterymarch Financial Management, Commonwealth Equity Fund, California Public Employee's Retirement System managed by Batterymarch Financial Management, GI India II, India Diversified (Mauritius) and Marshal India Select Fund who subscribed shares at Rs60 each.
The company proposes to utilise the IPO proceeds for the construction of facilities for shipbuilding, ship repair and for working capital requirements.
JM Financial Consultants, Citigroup Global Markets India, Enam Securities and SBI Capital Markets are the lead book runners of the issue, whereas Karvy Computershare is the registrar of the offer.
Pipavav Shipyard, promoted by engineering major Punj Lloyd, SKIL and Grevek Investments, has been found to confirm to the ISO 9001:2000 quality standard by Det Norske Veritas (DNV).
The scope of certificate is all activities related to design, development and construction of ships and repairs, maintain ace and overhaul of ships and offshore structures, a company website release said.
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