Private port developer Gujarat Pipavav Port Ltd (GPPL) today said it has raised nearly

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Rs 92 crore by roping in 20 anchor investors for its initial public offering, which opens tomorrow.

The company is allocating 2.04 crore shares to the anchor investors, which includes govt of Singapore and DSP Blackrock, at a price of Rs 45 per piece, it said in a statement.

Some other major anchor investors include, HDFC MF, Tata MF, Goldman Sachs, Deutsche Securities, JM Financial MF, Axis MF, Credit Suisse Singapore, Canara Robeco MF, Lloyd GeorgeIM, Govt Pension Fund Global, International Opportunities Fund, PI Opportunity Fund and Amansa Investments.

Through the public issue GPPL intends to raise Rs 500 crore through the sale of shares. The price band is kept at Rs 42-48 apiece.

The issue opens tomorrow and closes on August 25 for the institutional buyers (QIBs) and on August 26 for the non-QIB investors.

This model (entire one day for retail and high net worth individuals) has helped several companies in attracting more participation from the non-institutional investors.

This model was followed in the recently-concluded public offers of SKS Microfinance, Bajaj Corp and state-run Engineers India Ltd, where a huge response was seen from retail and high networth individual categories.

At the lower end of the price band the company will sell 11.94 crore shares, while at the upper end it will sell 10.42 crore shares. Apart from this, 1.17 crore shares will be sold by an existing investor.

The port developer has a strong shareholder base. Some major institutions associated with the issue are IDBI Trusteeship, IDFC Infrastructure Fund – India Development Fund, IDBI Bank and New York Life International India Fund (Mauritius) LLC.

The company is principally 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.

GPPL is the developer and the operator of APM Terminals Pipavav, which has multi-cargo and multi-user operations. APM Terminals Pipavav is located in Saurashtra region of Gujarat.

APM Terminals is a part of Denmark-based AP Moller-Maersk Group--one of the largest container terminal operators in the world with a global network of 49 terminals in 32 countries.

GPPL has the exclusive right to develop and operate APM Terminals Pipavav and related facilities until September 2028.

The company plans to utilise about Rs 300 crore from the IPO proceeds for prepayment of loans. It will also deploy the public issue proceed for investment in capital expenditure and towards investment in capital equipment among others.

Kotak Mahindra Capital Company and IDFC Capital are book running lead managers to the issue and IDBI Capital is co-book running lead manager.