The Hindu Business Line : Pipavav Shipyard IPO subscribed 2.7 times

Mumbai, Sept. 16 The initial public offering of Pipavav Shipyard was fully subscribed on the first day of its opening on Wednesday. The issue was subscribed 2.67 times according to data on NSE Web site, with the highest subscription ratio coming from high networth individuals category.

The issue received bids for 18.7 crore shares against the 8.5 crore shares on offer. The price band for the issue was fixed at Rs 55-60 a share. Through the issue, Pipavav Shipyard plans to raise Rs 510 crore.

Portions subscribed

The portion reserved for HNIs was subscribed 7.5 times; this category was reserved 10 per cent of the issue. The retail portion was not fully subscribed as at 5 p.m. on Wednesday. The 2.5 crore shares reserved for retail investors was subscribed 0.8 times.

The portion reserved for qualified institutional buyers (QIB) was subscribed 2.82 times.

This also includes 1.5 crore shares subscribed by six anchor investors. The shares were bought for a total of Rs 92 crore at Rs 60 a share.

The issue will close on September 18. The shares will be listed on both the Bombay Stock Exchange and National Stock Exchange by October 19.

IOC

In a notification to the exchanges, Indian Oil Corporation on Wednesday said it has acquired 1.07 crore shares of Oil India for Rs 1,123.52 crore from the Union Government. This works out to Rs 1,050 a share, which is the upper end of the Oil India IPO price band. Through this acquisition, IOC now holds five per cent stake in Oil India.

Oil India’s Rs 5,000-crore IPO included a 10 per cent direct disinvestment to IOC, a 5 per cent placement with BPCL, and 2.5 per cent with HPCL.

Oil India’s 2.6 crore-share initial public offer, which closed on September 10, was subscribed 30.81 times. The issue received bids for 81.5 crore shares according data with NSE.

The price band for the issue was fixed at Rs 950-1,050 a share.