Gujarat Pipavav Port lists at 22% premium

Indian anchorage abettor Gujarat Pipavav Port Ltd on Thursday surged 22% on admission on the BSE as investors animated its Danish full-blooded and reasonable valuation.

Shares of Gujarat Pipavav were trading at Rs53.8, about 17% college than the affair amount in a close Mumbai market, abatement from a aerial of Rs58.4, a 27% jump.

The company, run by Danish aircraft and oil amassed A P Moller-Maersk which owns 43%, aloft about Rs500 crore in its IPO, which was subscribed 19.5 times.

“The aggregation has apparently the best accreditation and ancestor in the world,” Arun Kejriwal, administrator of analysis close KRIS, said, “A P Moller is today the ascendancy in aircraft so the full-blooded is excellent.”

Gujarat Pipavav had a arch admission as the alms was analytic priced, he added.

Gujarat Pipavav affairs to use about 60% of the gain to abate its debt of Rs1,075 crore, while addition 150 crore will be for amplification projects, managing administrator Prakash Tulsiani told reporters.

The aggregation is growing faster than the bazaar as alembic barter grew at 64%, outpacing the industry advance of 22% in the January-June period, Tulsiani said.

Its ancestor A P Moller owns Maersk Line, the world’s better alembic aircraft company.Tulsiani said Gujarat Pipavav is on clue to accomplish Ebitda margins of about 55 to 60%, the industry average.

“Gujarat Pipavav comes off a low abject compared to some accustomed ports and to that admeasurement the advance should command a premium,” Angel Broking, which had a ‘subscribe’ appraisement to the IPO, said in a applicant note.

Gujarat Pipavav additionally affairs to set up anchorage basement on 1,000 acreage (405 hectares) of acreage busy from the accompaniment government, its arch banking administrator Hariharan Iyer said.

The $106 actor Gujarat Pipavav allotment auction was managed by Kotak Mahindra Capital, IDFC Capital and IDBI Capital.

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Tags: Gujarat Pipavav Port, IPO Updates

Category: IPO