Private shipbuilder Pipavav Shipyard has fixed the issue price of its initial public offer (IPO) at Rs 58, a little less than the upper end of its price band.
"Pipavav Shipyard fixed the issue price at Rs 58 - Rs 2 lesser than the upper end of its price band," shipbuilder said in a statement today.
The IPO had received good response from investors and was subscribed over nine times.
According to the company, retail investors flocked to the IPO with the segment registering subscription three times. The QIB segment was subscribed 11 times and the non-institutional portion 15 times.
The company targeted to raise over Rs 510 crore with the issue of over 8.54 crore shares in a price band of Rs 55-60.
The company intends to use the IPO proceeds for the construction of facilities for shipbuilding, ship repair and the offshore Business among other things.
