Pipavav Shipyard IPO issue price fixed at Rs 58

Pipavav Shipyard, which received a decent response for its recently closed initial public offer (IPO), has fixed the issue price at Rs 58 per share – lower by Rs 2 over the upper end of the price band of Rs 60.

The 8.55 crore share IPO received bids worth around Rs 3,400 crore on the last day of the issue. The qualified institutional buyer (QIB) portion of the offer was subscribed 10.63 times, the high networth individual (HNI) portion was subscribed 14.80 times and the retail portion of the issue was subscribed 2.89 times.

Pipavav Shipyard is promoted by engineering major Punj Lloyd, SKIL and Grevek Investments. It plans to use the IPO proceeds to compete construction of its shipyard on India’s western coast.

On completion of construction, Pipavav Shipyard will be capable of ship construction and repairs for a range of vessels of various sizes and types, including naval and coast guard vessels, as well as fabrication and construction of products such as offshore platforms, rigs, jackets and vessels (but excluding sub-sea pipelines) for oil and gas companies

The shares of the company would be listed on the BSE as well as NSE.