indian-shipbuilder-opens-books-for-public-float

Indian shipbuilder opens books for public float

Pipavav Shipyard's up to $105 million IPO is more than twice covered on day one.

Pipavav Shipyard yesterday started the bookbuilding for its initial public offering of between Rs4.7 billion and Rs5.13 billion $96 million to $105 million, which looks set to become the first Indian listing of reasonable size outside the utilities and oil and gas sectors this year.

The company, which was set up in 1997 as a ship-dismantling facility, is in the process of constructing its first shipyard and is expected to complete the project in October. However, commercial operations started in April this year and the company has begun construction on four vessels, the first of which is due to be delivered in April 2010.

And investors seem to like the company's business plan, which...

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