Cochin Shipyard files for IPO

Mumbai: Cochin Shipyard, India’s largest public sector shipyard, has filed IPO document with

Sebi

to go public. Cochin Shipyard IPO will consist of 3.4 crore shares to raise about Rs 1,400-1,500 crore, sources said. In the offer, the government will divest about 1.13 crore shares, while the balance, about 2.3 crore will be fresh issue by the company.

The proceed from the offer will be used to set up a new dry dock facility within the existing premises of the company, set up an international ship repair facility at Cochin Port Trust area and for general corporate purposes, a release said. Cochin Shipyard caters to the defence, government as well as private entities. Cochin Shipyard IPO will be managed by

SBI Capital Markets

,

Edelweiss Financial Services

and

JM Financial Institutional Securities

.


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