Gujarat Pipavav Port sets issue price at Rs 46/share

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Gujarat Pipavav Port has fixed the issue price for its Rs 500 crore public issue at Rs 46 a share while price band was at Rs 42-48.

The issue, which opened for subscription between August 23-26, was subscribed 19.94 times. Qualified institutional investors' portion got subscribed 13.2 times. Non-institutional and retail investors subscribed 85.70 times & 9.15 times, respectively.

Along with fresh issue of shares, there was an offer for sale of upto 1,17,07,369 equity shares by the Infrastructure Fund of India, LLC and the India Infrastructure Fund, LLC.

GPPL is the developer and operator of APM Terminals Pipavav, which has multi-cargo and multi-user operations. It has the exclusive rights to develop and operate APM Terminals Pipavav and related facilities until September 2028 pursuant to the Concession Agreement with GMB and the GoG.

The company had received commitment of Rs 92.17 crore from 20 anchor investors on August 21 as against allocation of 2.04 crore equity shares at Rs 45 per share. 

The issue proceeds are proposed to be utilised for (a) prepayment of loans; (b) investment in capital expenditure; (c) investment in capital equipment; and (d) general corporate purposes.