SHARES of Pipavav Shipyard, which unveiled one of the bigger initial public offerings (IPOs) to hit the primary market recently, closed below its issue price of Rs 58 on listing, close on the heels of the tepid listings of three major public issues — NHPC, Oil India and Adani Power. Pipavav Shipyard on Friday made a lacklustre debut in a falling market, with the stock listing at Rs 60.05, a 3.53% premium over its issue price of Rs 58. The Pipavav scrip touched an intra-day high of Rs 64.70 before closing at Rs 56.80. On NSE, it hit the floor at Rs 61.10, a 5.34% premium to the IPO price. The Pipavav scrip touched an intra-day high of Rs 64.70 before closing at Rs 56.80. On the first day, 13 crore shares of the company exchanged hands on the two bourses. “It is an exciting opening in a market that was down. We are happy with the debut,” said a Pipavav official. Pipavav will focus on defence and offshore sectors. “The company has received approvals to make advanced gun boats for the Coast Guard and two mini warships for the Navy. The orders are valued at around $1.2 billion,” he said. The company is also learnt to have received the approval of Oman’s defence ministry to bid for a special class of naval war ships. These are expected to be frigates, which cost around $2 billion per ship, the official quoted earlier said on condition that he would not be identified.
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