The initial public offer (IPO) of the private sector shipbuilder, Pipavav Shipyard, on Wednesday was fully subscribed in the very first hour of its first day of subscription.

Pipavav Shipyard, which expects to raise as much as Rs513 crore through
its public offer, received bids for 76,330,870 shares as against
70,177,275 shares on offer.

The issue got subscribed 1.09 times as on 11:00am, according to the data available on the National Stock Exchange.

The IPO has 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, promoted by engineering major Punj Lloyd, SKIL and Grevek
Investments, is the latest firm to tap the capital market after the
recent rally in the stock markets.

The company intends 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.

Source: PTI

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