MUMBAI: Reflecting the mood upbeat among investors across the board, the IPO of India’s largest dockyard Pipavav Shipyard was subscribed 8.24 times with the retail segment getting subscribed more than twice.
While the counting was still on till late in the evening yesterday, data available with the stock exchanges shows that the retail investors flocked to the IPO with the segment registering subscription 2.70 times. The QIB segment was subscribed 10.63 times, HNI-14.80 times. The employee portion was also fully subscribed.
Building India’s largest dry dock and world class multi-sector fabrication facility, Pipavav Shipyard hit the capital market on Wednesday with a bang as the issue was fully subscribed within the 1st hour.
The company targeted to raise over Rs 510 crores with the issue of over 85.45 million equity shares of Rs 10 each with a price band of Rs 55-Rs 60 through a 100% book building process. The company intends to use the IPO proceeds for Construction of facilities for shipbuilding, ship repair and the Offshore Business among other things.
JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited, Enam Securities Private Limited and SBI Capital Markets Limited, are the book running lead managers and Kotak Mahindra Capital Company Limited and Motilal Oswal Investment Advisors Private Limited are the co-book running lead managers.
Pipavav Shipyard enjoys a strong order book position of 34 ships – 22 Panamax size huge dry bulk carriers for 3 European shipping companies and 12 OSVs for ONGC. It has also bid for 7 naval vessels.
Pipavav Shipyard will focus on building ships for the Indian navy and coast guard. In addition, Pipavav Shipyard intends to utilize its shipbuilding facilities to repair a wide range of vessels, including VLCCs and OSVs, and other specialty vessels such as LNG carriers.
Its dry dock, measuring 662 meters in length and 65 meters in width, is capable of accommodating ships of up to 400,000 DWT and/or multiple combinations of smaller vessels including vessels catering to offshore activities such as offshore supply vessels (OSV), anchor handling tug supply vessels and multi-purpose support vessels. Installation of two Goliath cranes, each having a lifting capacity of up to 600 tonnes, is also in progress.
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