Private shipbuilder Pipavav Shipyard has fixed the issue price of its initial public offer (IPO) at Rs 58, a little less than the upper end of its price band.

"Pipavav Shipyard fixed the issue price at Rs 58 - Rs 2 lesser than the upper end of its price band," shipbuilder said in a statement today.

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According to the company, retail investors flocked to the IPO with the segment registering subscription three times. The QIB segment was subscribed 11 times and the non-institutional portion 15 times.

The company targeted to raise over Rs 510 crore with the issue of over 8.54 crore shares in a price band of Rs 55-60.

The company intends to use the IPO proceeds for the construction of facilities for shipbuilding, ship repair and the offshore Business among other things.

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