The initial public offer of private ship-builder Pipavav Shipyard got subscribed 6.64 times till the final day on Friday, getting a strong response from investors.

The company hopes to raise funds up to Rs 513 crore through the offer. According to the latest data available with the National Stock Exchange, the IPO got over 46.57 crore bids for the shares of the company against seven crore shares on offer.

The company had come to the market with a total issue size of 8.55 crore shares in the price band of Rs 55-60. It has reserved about 1.53 crore shares for anchor investors.

Anchor investors are those individuals or institutions who subscribe to IPOs before these begin.

The company intends to utilise the IPO proceeds for the construction of facilities for ship building, ship repairing and for working capital requirements.

Pipavav Shipyard, promoted by domestic engineering major Punj Lloyd, SKIL and Grevek Investments, is the latest firm to take advantage of the recent rally in the stock market.

The IPO had received an overwhelming response from investors as it was fully subscribed within the first hour of its i ssue.

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