Pipavav Shipyard ended flat at Rs 56.8 on the BSE. The stock had opened at Rs 60 and touched a high of Rs 64.7 and a low of Rs 53.8.
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(Updated at 1013 hrs)
Pipavav Shipyard has a tepid start on the BSE. The private shipbuilder has opened at Rs 60.05, which is a marginal premium of around 5% to the issue price of Rs 58.
The stock has touched a high of Rs 64.7 and a low of Rs 57.7 so far.
The IPO was subscribed almost 9 times. The company raised over Rs 495 crore by issuing more than 85.45 million equity shares of Rs 10 each.
The company intends to use the IPO proceeds for the construction of facilities for shipbuilding, ship repair and offshore business.
Port Pipavav is a subsidiary of APM Terminals of the A.P.Moller-Maersk group. Located in Saurashtra, Gujarat, west of Bhavnagar, merely 153 nautical miles from JNPT in Mumbai, Port Pipavav is emerging as an important gateway port on the West coast of India for containers, bulk and liquid cargo.