Gujarat Pipavav's Rs500-crore IPO to open on 23 August
17 Aug 2010
Integrated port developer and operator Gujarat Pipavav Port will raise Rs500 crore (about $107 million) in its initial public offer. The issue will open on 23 August and close for subscription on 26 August.
Gujarat Pipavav Port Ltd (GPPL), the country's first private sector port, is promoted by APM Terminals, which is one of the largest container terminal operators in the world operating 50 terminals in 31 countries, and is part of the Denmark-based AP Moeller Maersk Group.
Located in the Saurashtra, Gujarat, Pipavav port is one of the principal gateways on the west coast, providing facilities for handling both containers and bulk cargoes.
GPPL, which has multi-cargo and multi-user operations, has the exclusive right to develop and operate APM Terminals Pipavav and related facilities until September 2028 pursuant to the Concession Agreement with the Gujarat Maritime Board and the Gujarat government.
APM Terminals Mauritius Limited holds 57.9 per cent stake in the company, pre issue. IDBI Trusteeship Services Ltd and IDBI Bank hold 10.2 per cent and 8.9 per cent, respectively, in Pipavav Port.
Gujarat Pipavav proposes to use the issue proceeds for prepayment of loans, investment in capital expenditure, investment in capital equipment and general corporate purposes.
The port is connected to the North Indian hinterland with a good road and rail network.
Kotak Mahindra Capital, IDFC Capital and IDBI Capital are jointly managing the share offer and Karvy Computershare Pvt Ltd is the registrar, Kotak Mahindra said in a prospectus posted on its website.
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