Gujarat Pipavav IPO confirms non-institutional demand is back

The Indian port operator raises $107 million after fixing the price above the mid-point.

Gujarat Pipavav Port, the operator of a container and bulk cargo port on the west coast of India, has raised Rs5.08 billion $107 million from its initial public offering after fixing the price above the mid-point of the range.

The final price of Rs46 per share is also above the Rs45 per share that a group of anchor investors agreed to pay before the main bookbuilding started and means that those investors, which include DSP Blackrock, Goldman Sachs and the government of Singapore, will have to stump up more money than they initially planned. It is unusual that Indian IPOs price above the price indicated by the anchor investor process -- even if the...

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