Pipavav Shipyard Ltd., an Indian shipbuilder, fell below its offer price on its trading debut in Mumbai today after an initial share sale. The shares fell 2.2 percent to 56.7 rupees in Mumbai after rising as much as 62.25 rupees. The company sold shares at 58 rupees apiece.

The Mumbai-based company raised 4.96 billion rupees ($107 million)
selling 85.5 million shares last month to help complete its yard as
ship owners increasingly take deliveries of their vessels amid signs of
a recovery in the global economy.

The initial sale received 3.6 times demand at the end of the sale. The
company has orders valued at $930 million from clients including Golden
Ocean Group Ltd. led by Fredriksen, AVGI Maritime Group, Setaf of
France and Oil & Natural Gas Corp., according to the sale document.

Source: Bloomberg

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