Oct 8, 2009

Pipavav Shipyard issue priced at Rs 58/sh; listing on Oct 9

India?s largest dockyard Pipavav Shipyard will list its equity shares issued via public issue on October 9, 2009. It has fixed its issue price at Rs 58.

The IPO was subscribed almost 9 times. Building India?s largest dry dock and world class multi-sector fabrication facility, Pipavav Shipyard hit the capital market on September 16 and closed on September 18.

The company raised over Rs 495 crore with the issue of over 85.45 million equity shares of Rs 10 each and the issue came with a price band of Rs 55-Rs 60. The company intends to use the IPO proceeds for Construction of facilities for shipbuilding, ship repair and the Offshore Business among other things.

The company 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 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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