Gujarat Pipavav Port National Stock Exchange | Gujarat Pipavav Container Handling Services | Ccapacity To Handle

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Gujarat Pipavav Port is the developer and operator of APM Terminals Pipavav, which has multi-cargo and multi-user operations. The company is mainly engaged in providing port handling and marine services for container, bulk and LPG cargo and is promoted by APM Terminals, which owns 57.9 per cent equity interest in the company.

The report says, We cannot directly compare GPPL with Mundra Port and SEZ Ltd (Mundra) as the company is much smaller and provides limited services as compared to Mundra which has SEZ and other assets. GPPL has a lower margin as compared to Mundra as the company’s utilization rate was lower and it was incurring costs to expand capacity and relocate its LPG cargo ports. Going forward, with the operational efficiency, startup of LPG cargo services and lower debt burden we expect the company’s margin to improve substantially. Looking at the long term growth prospects of the company and scope to expand the margin we recommend to subscribe to this IPO.

Gujarat Pipavav operates APM Terminals Pipavav, which is India’s first private sector port, and has multi cargo and multi user operations. APM Pipavav is located in the Saurashtra region in Gujarat, and is an all weather port. It provides port handling and marine services for container cargo, bulk cargo, and LPG cargo. It commenced cargo handling operations in 1996, and container handling services in 1998. Their capacity is to handle up to 0.60 million TEUs of container cargo, and approximately 5 million tonnes of bulk cargo per year.

The Issue includes a reservation of Equity Shares of Rs10 each aggregating to Rs100 million for the eligible employees (the 'Employee Reservation Portion'). The Issue less the Employee Reservation Portion is referred to as the Net Issue. The Bid/Issue Period will close on August 25, 2010, for QIBs Qualified Institutional Bidders other than Anchor Investors and on August 26, 2010, for Non-Institutional Bidders, Retail Individual Bidders and Eligible Employees.

The public issue of stocks of Rs 10 each would be based on 100 per cent book building process and includes a reservation of shares worth Rs 10 crore for the company's eligible employees, according to the Draft Red Herring Prospectus (DRHP).


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