India’s state-run Cochin Shipyard will launch its initial public offering on August 1.
The shipyard is looking to raise 1,400-15,00 crore ($214-$229m) from issuing around 34m new shares. It will use the proceeds to fund the construction a new dry dock and an international ship repair facility at Chochin Port Trust area as well as for general corporate purposes.
The IPO is part of the government’s disinvestment target set for the forthcoming financial years. The government currently owns 100% of the shipyard and will divest 10% in addition to issuing fresh shares representing a 15% stake through the IPO. After the IPO, the government’s stake in the company will stand at 75%.
