Cochin Shipyard to launch IPO on August 1

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%.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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