Shares open up but appear to be under pressure

Trading in shares of Pipavav Shipyard Limited began today with a listing ceremony at The NSE in Mumbai. The shares are listed on both the BSE and the NSE. The company had come out with its IPO by issuing 8.54 cr shares in a price band of Rs 55-60 during the period 16th to 18th September 2009. The issue price was fixed at Rs 58.

Trading began on a brisk note and in the first twenty five minutes of trade 2.93 cr shares were traded. Today’s newspapers carried a news item that the company has been technically qualified to bid for over 1 billion $ worth of ships for the coast guard and Indian Navy.

The shares listed on the BSE at Rs 60.05 and on the NSE at Rs 61.10 against the issue price of Rs 58. The table appended below shows the brisk volume and in less than half an hour already 35% of the IPO offer has been traded. The share appears to be facing some selling pressure. More of it at the end of the day.