Pipavav Shipyard sees lacklustre debut; ends 2% down on BSE
Mumbai: Private sector shipbuilder Pipavav Shipyard received lukewarm response from investors in its debut trade on the bourses on Friday and closed down 2.06 percent down on the BSE over the issue price of Rs 58 a share.
Shares of the company, which had opened up 3.54 percent
at Rs 60.05 and went up to touch an intra-day high of Rs
64.70, settled at Rs 56.80 on the Bombay Stock Exchange.
The stock also touched a low of Rs 53.85 during the
A total of over 13.15 crore shares of Pipavav Shipyard
changed hands on both the bourses.
On the National Stock Exchange, the scrip settled down
1.72 percent at Rs 57. During the market hours the scrip
jumped to Rs 61.10 and plunged to Rs 53.85.
The company entered the primary market with a total issue
size of 8.54 crore shares at Rs 58 a piece.
It plans to use the proceeds for the construction of
ship-building facilities, repair and offshore business and for
general corporate purposes.
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