Mumbai: Private sector shipbuilder Pipavav Shipyard on Friday hit the floor with a premium of 3.54% on the Bombay Stock Exchange, over the issue price of Rs58 a piece.
Shares of Pipavav Shipyard opened 3.54% up at Rs 60.05 on the Bombay Stock Exchange. Within minutes the scrip surged to a high of Rs64.70 and touched its low at Rs57.75.
On the National Stock Exchange the share opened at Rs61.10, up 5.34%, its highest. Later it dipped to Rs57.75.
The company entered the primary market with a total issue size of 8.54 crore shares at Rs58 a piece.
During the early morning trade a total of over 1.40 crore shares of Pipavav Shipyard changed hands on both the bourses.
It plans to use the proceeds for the construction of ship-building facilities, repair and offshore business and for general corporate purposes.
The company has reserved 600,000 shares for employees. 10091016 DELHI