Cochin Shipyard files DRHP for its IPO

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.

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