Gujarat Pipavav Port subscribes 19.94 times

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Initial public offering (IPO) of Gujarat Pipavav Port has been subscribed 19.94 times on close, i.e Aug. 26, 2010. For qualified institutional bidders issue closed on Aug 25, 2010.

A total of 2.2 billion bids were obtained out of which 325 million bids were obtained at cut off price.

Gujarat Pipavav Port launched its public issue on Aug.23, 2010. The issue consisted of Rs 5 billion through fresh issue of 104-119 million equity shares at the price band of Rs 42-48 a share. Kotak Mahindra Capital, IDFC Capital and IDBI Capital helped the company in the fund raising process.

APM Terminals, the port operating arm of Danish shipping and oil conglomerate A.P. Moller-Maersk, holds a majority stake in Gujarat Pipavav