ET: The initial public offer of India’s largest dockyard Pipavav Shipyard was oversubscribed by 8.24 times with the retail segment getting

oversubscribed by two times on Friday the day of the closing. Data with the stock exchanges shows that the QIB segment was subscribed 10.63 times, while the high net-worth investor segment was oversubscribed by 14.80 times. The company targeted to raise over Rs 510 crore. In an exclusive interview, ET Now’s Dev Chatterjee spoke to Pipavav Shipyard chairman Nikhil Gandhi on the IPO receiving such a good response.

The response from the investors across all categories was overwhelming … What do you think are the reasons?

I think the investors have demonstrated their very strong faith and trust in the project, in the management team and both promoters — SKIL Infrastructure Limited and Punj Lloyd — and the way the whole process was completed. We must say that we are extremely grateful to all the investors, particularly the retail investors the way they came on the first day and the HNIs, banks and institutions came in a big way today. I think the response to the offer is over 9 times than what we planned to sell. We are still counting because the retail applications are still coming in from across the country. So we are overwhelmed by the response and we are very emotional about it and we have no words to express, our sincere thanks to all our investors.

There is a kind of return of retail investors if we see the response to your IPO. Can you tell us why the retail investors have come back to you?

I suppose that the retail investors have been watching mutely for the last decade and a half seeing how SKIL pioneered the infrastructure developments in the country , particularly at a time where there was no policy, no precedent and SKIL was a very, very tiny company. For a tiny company like that, to take a huge plunge to build India’s first private sector seaport, railways , SEZ project and so on, it was courageous and I think they all saw that we have a now demonstrated track record behind us and they are perhaps supporting the vision, execution capabilities and a strong management team behind all the successes.

You are always known for big ideas in the infrastructure sector. So what’s next?

We do have some big plans in the infrastructure sector but today we would like to celebrate the success of Pipavav Shipyard. This shipyard and this IPO is going to be the game-changer in the industry . We can just assure our investors that whatever faith they have reposed on us will not go waste.

source: Economictimes

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