Cochin Shipyard seeks an IPO permit from SEBI

Seeking sanction for an Initial Public Offering, India's largest public sector shipyard, Cochin Shipyard, has filed a Draft Red Herring Prospectus ( DRHP) with SEBI. The Company serves the defence sector as well as the commercial sector across the globe.
 
The IPO consists of 33,984,000 equity shares with a fresh issue of 22,656,000 equity shares, along with an offer for sale of 11,328,000 equity shares by the President of India. 
 
The equity shares are likely to have a face value of Rs 10, while the price band of the IPO will be assigned after the company consults the Book Running Lead Managers (BRLMs).
 
The Company will be using the proceeds for setting up of a new dry dock within its premises. The funds will also be used for setting up an international ship repair facility at Cochin Port Trust area, besides being put to use for general corporate utility. 
 
For the IPO, Cochin Shipyard has authorised SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities as book running lead managers, while Link Intime India will be the Registrar.
 
Cochin Shipyard accommodates vessels with a maximum capacity of 125,000 DWT; while the shipbuilding dock accommodates vessels with a maximum capacity of 110,000 DWT.