Port operator and developer Gujarat Pipavav said on Tuesday it had set the issue price for its initial public offer (IPO) at Rs 46 a share, raising as much as Rs 500 crore ($106 million).

Gujarat Pipavav had set a price band of Rs 42-48 a share for the offering, which closed on August 26.

The firm is majority owned by APM Terminals, the port operating arm of Danish shipping and oil conglomerate AP Moller-Maersk.

The Gujarat Pipavav share sale was managed by Kotak Mahindra Capital, IDFC Capital and IDBI Capital.