Gujarat Pipavav’s IPO Gets Subscribed 7 15 Times On Final Day Of QIB’S Subscription (25-Aug-2010)
Developer and operator of APM Terminals, Gujarat Pipavav Port’s IPO which opened for subscription on August 23, 2010 in a price band of Rs 42-48 per share has been subscribed 7.15 times on final day of QIB’s subscription. It has received bids for 789365070 shares against the issue size of 110423186 shares, 21535410 bids have been received at the cut off price, as per the data available on NSE website at 16.00 pm. The company via public offer expects to raise Rs 500 crore. The public issue consist an offer for sale of up to 1, 17, 07,369 equity shares by the Infrastructure Fund of India, LLC and the India Infrastructure Fund, LLC.
The book running lead managers to the issue are IDFC-SSKI and Kotak Mahindra Capital Company. IDBI Capital Market Services is the co-book running lead manager and Karvy Computershare is the registrar. The issue will close for subscription on August 26,2010.
The issue proceeds are proposed to be utilized for - prepayment of loans; investment in capital expenditure; and for investment in capital equipment.
Promoter APM Terminals Mauritius currently holds 57.9% stake in the company,pre-issue. Among institutions, IDBI Trusteeship Services and IDBI Bank are the major shareholders with 10.2% and 8.9% stake.
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