APMT Pipavav in India raises US$106 million in IPO

Time:2010-09-19 Browse:41 Author:RISINGSUN

INDIA`s Gujarat Pipavav Port Limited (GPPL), the developer and operator of APM Terminals, has raised INR5 billion (US$106 million) from the initial public offering of 25.6 per cent of its stock on the National Stock Exchange of India.

The offering was heavily oversubscribed, reports Alphaliner.


Following the IPO, APM Terminals will retain a 41 per cent equity interest in the company which intends to use INR3 billion of the funds to pay off part of its existing debt. The company held debts of INR11 billion as of March 2010.


The report said that GPPL has not seen a profit in five years due to the high borrowing costs.


The Pipavav terminal in north-west India handled 321,400 TEU and 3.37 million tonnes of bulk cargo in 2009. It is expected to handle 420,000 TEU this year, with the majority of the container volumes coming from sister company Maersk Line.