Oct 9, 2009

Pipavav Shipyard lists at Rs 61.10 on the NSE

Pipavav Shipyard listed at Rs 61.10 on the NSE today, at a premium of 5.34% to its issue price of Rs 58 a share. At 9.56 am, the share was trading at Rs 60.30.

The share touched an intraday high of Rs 61.10 and an intraday low of Rs 59.90 in the early trade. The total traded quantity was 539611 shares and turnover was at Rs 324.9 lakh.

On the BSE, the share opened at Rs 60.05, at a premium of 3.53% to its issue price. It touched an intraday high of Rs 64.70 and intraday low of Rs 58.80.

The IPO was subscribed almost 9 times. The company raised over Rs 495 crore with the issue of over 85.45 million equity shares of Rs 10 each. 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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