Cochin Shipyard is going for an initial public offering to help it expand facilities to build larger ships. The government gave its blessing for the IPO yesterday.
The listing involves the sale of 34 million equity shares at Rs.10 each.
The yard will build a new ship repair facility at Cochin Port Trust plus a new larger drydock to build bigger ships – including suezmaxes, rigs and large boxships – with the cash raised. It will be the first of India’s fiver state-run yards to list. It is the only one of the five making any profits.