Pipavav IPO Overbid 2 Times

Pipavav Shipyard has opened its initial public offering (IPO) of 85,450,225 equity shares of Rs 10 each for subscription. It has been subscribed 1.94 times so far and has received bids for 13.62 crore shares as against the issue size till 16 hours IST, as per the data available on the NSE website.

Maximum bids were seen at Rs 60/share, the higher end of the price band. Qualified and non-institutional investors' portion subscribed 1.09 times and 5 times.

It will raise nearly Rs 513 crore at higher end of the price band Rs 55-60 per equity share. The issue will close for subscription on September 18, 2009.