Pipavav Shipyard IPO to raise 5 bln rupees

Private shipbuilder Pipavav Shipyard Ltd is likely to raise about 5 billion rupees through an IPO, a person close to the deal said, the latest among several Indian companies to revive listing plans put on hold last year. The firm, which filed its offer document with the market regulator in January 2008, had deferred plans to raise funds due to poor market conditions. Domestic roadshow for the IPO will begin next week while book building will take place from Sept. 17-24, the source said. According to the document filed last year, Pipavav, co-owned by SKIL Infrastructure Ltd and engineering firm Punj Lloyd primarily plans to raise funds for construction of facilities for shipbuilding, ship repair and offshore business.
Citigroup Global Markets India, Enam Financial Consultants and JM Financial Consultants are the book running lead managers for the issue