Cochin Shipyard Limited has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The shipyard is looking to raise around Rs 15 billion from the offering. As per the draft paper, the IPO comprises a fresh issue of 22.65 million shares and an offer for sale of 11.32 million shares by the government. At present, the government holds a 100 per cent stake in the shipyard. It will divest a 10 per cent stake and issue fresh shares representing a 15 per cent stake through the IPO.