The initial public offer of Gujarat-based Pipavav Shipyard, has finally subscribed 8.21 times till the final day on Friday.

According to the latest data available with the NSE, the IPO got over 57.64 crore bids for the shares of the company against 7.01 crore shares on offer. The company received 6.39 crore bids for the issue at cut-off price.

The IPO opened for subscription on September 16, 2009.

Pipavav Shipyard, which is jointly owned by SKIL Infrastructure and Punj Lloyd, has current order book of $ 96 billion for 34 vessels, including 12 offshore supply vessels for ONGC.  The company is presently setting up India's largest shipyard with unmatched state-of-the art facilities.

On completion, Pipavav Shipyard will be able to construct, fabricate and repair a range of vessels in the merchant, offshore and defence sectors.
The company aims to raise funds up to Rs 513 crore through the offer, which it utilize for the construction of facilities for ship building, ship repairing and for working capital requirements.