Pipavav Shipyard was listed on both the exchanges on Friday and the debut was rather lacklustre.

It listed with a marginal premium but ended the day below the issue price.

The bell has rung and with it Pipavav Shipyard joins the rank of companies that trade on the stock exchanges. Although most companies that came out with their IPO in the recent past did not fare very well, Pipavav Shipyard, which opened slightly above its listing price of Rs 58, expects to gain confidence from its retail investors as they go along.

Another shipbuilding stock on the exchanges and day 1 for Pipavav Shipyard was not as exciting as expected by the management.

The company’s fate was no different. It opened at Rs 60, just above its listing price, but soon slipped to even touch Rs 53.85 and closed at Rs 57.35.

Built at the cost of Rs 2500 crore, Pipavav Shipyard is expanding focus in building defence and offshore vessels.

Nikhil Gandhi, chairman of Pipavav Shipyard, said, "With the kind of infrastructure we have, we can clock revenues of Rs 3 billion in next few years. I will be happy if we do Rs 800-1000 crore revenue this year. We think medium and long term investors will see terrific trajectory going forward."

Except that of Oil India, most recent IPOs have not fared well and are trading well below the opening price. Pipavav management feels it will take time to grow.

Atul Punj, co-chairman and promoter of Pipavav Shipyard, said, “As results and orders come in, retail investors will get confidence in the company.

Meanwhile, with substantial order enquiries for both defence and offshore ships to boost its performance, Pipavav Shipyard management has its fingers crossed, not to face a similar treatment like other unsuccessful IPOs.