Pipavav Shipyard Fixes IPO Price At INR58

India's Pipavav Shipyard Ltd. Tuesday priced its proposed initial public offer at INR58 after the share sale was subscribed almost nine times last week. The issue was fixed in the INR55-INR60 indicative price band and was open for subscriptions Sept. 16-Sept. 18. The company said the qualified institutional buyers' portion was subscribed 11 times, the high net worth section 15 times and the retail tranche three times.
Pipavav Shipyard aimed to raise more than INR5.10 billion with the issue of more than 85.45 million equity shares. It intends to use the IPO proceeds for the construction of facilities for shipbuilding, ship repair and the offshore business.
JM Financial Consultants Pvt. Ltd., Citigroup Global Markets India Pvt. Ltd., Enam Securities Pvt. Ltd. and SBI Capital Markets Ltd. were the lead arrangers, while Kotak Mahindra Capital Co. Ltd. and Motilal Oswal Investment Advisors Pvt. Ltd. were the co-book running lead managers.