Cochin Shipyard Limited (CSL) has filed the draft red herring prospectus (DRHP) with SEBI, for an IPO. Reportedly, CSL is planning to raise around Rs 15 billion (around $230 million) from its maiden public offering targeted for fiscal year 2017-18. The public issue comprises a fresh issue of 22.65 million shares besides an offer for sale of 11.32 million shares. The offering will result in a stake dilution of 25 per cent. Of this, the government will divest a 10 per cent stake in the firm, according to the DRHP. The proceeds from the offer will be used to set up a new dry dock facility within the existing premises of the shipyard, and an international ship repair facility at the Cochin Port Trust area, and for general corporate purposes.