Pipavav Shipyard fixes IPO price band of Rs 55-60

For its proposed public offer to fund expansion

Private shipbuilder Pipavav Shipyard today, 10 September 2009 said it has fixed a price band of Rs 55-60 per share for its proposed initial public offer (IPO). The issue opens on 16 September 2009 and closes on 18 September 2009.

The company will issue 12.8% of its equity or 8.55 crore shares of Rs 10 each to part finance construction of facilities for shipbuilding and ship repair.

The proceeds would also allow the company to enter into the offshore business used in the exploration and construction of oil & gas companies.

Pipavav Shipyard, a shipbuilding and repair facility, is co-owned by SKIL Infrastructure and Punj Lloyd and also counts Singapore's Sembcorp Marine among its stakeholders.