Pipavav Shipyard to launch IPO

India: Pipavav Shipyard is planning to launch an initial public offering by the end of September but must receive approval from the Securities and Exchange Board of India.

A representative from the shipyard said the company hoped to bring forward the date of the IPO.The shipyard plans to raise some US$104 million through the IPO. The company will use the money to build several VLCCs and LNG tankers. In 2008, Pipavav received approval for the issue and sold over 868 million shares.

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