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Positive response to Pipavav Port IPO

Positive response to Pipavav Port IPO

Mumbai: Indian port operator Gujarat Pipavav Port has seen a strong response to its debut on the Bombay Stock exchange, raising about Rs 5bn ($108.2m) from the IPO that was subscribed 19.5 times. The port, whcih is an APM Terminal facility, plans to use about 60% of the proceeds to reduce its debt of Rs1,075 crore, while another 150 crore will be for expansion projects, managing director Prakash Tulsiani told Reuters.

Gujarat Pipavav also plans to set up port infrastructure on 1,000 acres (405 hectares) of land leased from the state government, writes the newswire quoting its chief financial officer Hariharan Iyer.  [10/09/10]

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