Pipapvav Shipyard had come out with its IPO recently. The issue was open between the 16th and 18th of September 2009. The price band of the IPO was Rs 55-60. The company has fixed the price at Rs 58.

Majority of the QIB bids were received at the top end of the band at Rs 60. The company fixing a price which is lower than the top band indicates that the company has taken a leaf out of the Club Mahindra IPO where the same was priced midway of the price band. If one remembers the two big ticket IPO’s from Adani Power and NHPC, both were priced at the top band and are struggling to remain just about the issue price.

In any case with their being something left at least from the price band investors would be able to heave a sigh of relief as in my IPO note on Pipavav I had mentioned that the issue was certainly expensive.