Gujarat Pipavav Port lists at 22% premium

MUMBAI: Shares of Gujarat Pipavav Port Ltd listed at Rs 56.10 on the National Stock Exchange, a premium of Rs 10.1 or almost 22 per cent. In trade until 9:41 am, the stock touched a high of Rs 58 versus a low of Rs 55. Total traded quantity was 3,32,35,183 shares and turnover Rs 185.48 crore.

The company mopped up Rs 500 crore from the public issue. The IPO was in the price band of Rs 42-48 per share and after closing, the issue price was fixed at Rs 46 per share.

The issue opened on August 23 and closed on August 26. It was subscribed 19.94 times.

Gujarat Pipavav Port is the developer and operator of APM Terminals Pipavav, which has multi-cargo and multi-user operations. The company is mainly engaged in providing port handling and marine services for container, bulk and LPG cargo and is promoted by APM Terminals, which owns 57.9 per cent equity interest in the company.

APM Terminals is a part of Denmark-based AP Moller-Maersk Group--one of the largest container terminal operators in the world with a global network of 49 terminals in 32 countries.

GPPL has the exclusive right to develop and operate APM Terminals Pipavav and related facilities until September 2028.

The company plans to utilise about Rs 300 crore from the IPO proceeds for prepayment of loans. It will also deploy the public issue proceed for investment in capital expenditure and towards investment in capital equipment among others.