Pipavav Shipyard IPO | All that you wanted to know

Issue Open: Sep 16, 2009 - Sep 18, 2009
Issue Size (shares): 86,850,000 Equity Shares of Rs 10
Issue Size (Rs Crore): 477.68 - 521.10
Face Value: Rs 10 Per Equity Share
Issue Price: Rs 55 - Rs 60 Per Equity Share
Market Lot and Minimum Order Quantity: 100 Shares

About the company:

Pipavav Shipyard is NOT a PSU/Govt of India Undertaking. Pipavav Shipyard started as a project that was originally conceived and implemented by Sea King Infrastructure. In September 2007, Punj Lloyd acquired a substantial stake in the Company, and now, both SKIL and PLL are co-promoters of the company. Incorporated in 1997, the company is constructing a Shipyard, located on the west coast of India adjacent to major sea lanes between the Persian Gulf and Asia. Upon completion of construction, the Shipyard will be capable of ship construction and repairs for a range of vessels of different sizes and types, as well as the fabrication and construction of products such as offshore platforms, rigs, jackets and vessels (but excluding subsea pipelines) for oil and gas companies.

According to the company's website, a considerable part of the development activity has already been carried out. Infrastructure developed so far includes two large wet docks(wet basins) with a length of 680 meters each and widths of 65 meters and 60 meters. These wet basins are being converted into dry docks which will be used for construction and repair of ships and will be the largest in India and amongst the largest in the world.

Major Stakeholders:

1. Co-promoters: Punj Lloyd Ltd and SKIL
2. Foreign Companies: Sembcorp Marine Ltd
3. Other Major Investors: IL&FS, IDBI, Exim Bank, ABN Amro, Merill Lynch, Deutsche Bank AG

Objective of the Issue:

The company intends to utilize the funds for construction of facilities for shipbuilding and ship repair.

StocksCenter View: If you are bullish on the Shipbuilding sector, this cannot be missed at Rs. 55-60 a share. Looks attractive at the moment.

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