Pipavav Shipyard may raise Rs 600-650 cr via IPO

Pipavav Shipyard, in which Punj Lloyd holds 22.34%, is likely to file a red herring prospectus for its initial public offer (IPO) within a week and is looking to raise nearly Rs 600-650 crore, reports CNBC-TV18 quoting sources. The company is likely to dilute 12.5% stake and is valued at around Rs 5,000 crore. JM Financial, Citi and Enam are the lead managers to the issue.
Punj Lloyd bought 22.34% stake in the company at Rs 350 crore. Sea King Infra and Punj Lloyd are co-promoters, which hold 45.5% stake.