Pipavav Shipyard IPO subscribed over 8 times

Riding on a strong response from investors, the initial public offer (IPO) of private sector ship-builder Pipavav Shipyard got subscribed over eight times on the final day of its issue today, garnering a demand of as much as Rs 3,400 crore. The IPO, through which the company hopes to raise funds up to Rs 513 crore, got a total bid of 57.64 crore against seven crore shares on offer, according to the latest data available with the National Stock Exchange.
The company had come to capital market with a total issue size of 8.55 crore shares in the price band of Rs 55-60. Pipavav＇＇s public offer received a strong response from qualified institutional and non-institutional investors.
QIBs subscribed the offer 10.63 times, while non-institutional buyers category got bids for 14.81 times of the portion reserved for them. The issue also received a good response from retail investors, who subscribed the portion reserved for them nearly three times, according to latest data available on the stock exchanges.
The IPO, which was fully subscribed within the first hours of opening on September 16, garnered a demand of over Rs 3,458 crore. However, the shares reserved for employees of the company remained undersubscribed with bids for just 77 per cent.