Pipavav Shipyard IPO Oversubscribed upto 6.64 times

Thanks to stronger response from the investors, the IPO of Pipavav Shipyard was oversubscribed upto 6.64 times till the final day on Friday 18th September, 2009. Through this offer, the company expects to raise funds up to Rs 513 crore. The company intends to utilise the IPO proceeds for the construction of facilities for ship building as well as ship repairing and working capital requirements.

As per the latest data available with the National Stock Exchange (NSE), the IPO received more than 46.57 crore bids for the shares of the company against 7 crore shares on offer. The company had come with an IPO with a total issue size of 8.55 crore shares in the price band of Rs 55-60. The Company reserved about 1.53 crore shares for anchor investors. Anchor investors are those individuals or institutions who subscribe to IPOs before these begin.