The Mazagon Dock Shipbuilders, owned by the state has received markets regulator Sebi's go-ahead to float an initial public offering (IPO).
The public sector undertaking had filed draft papers with the Securities and Exchange Board of India (SEBI) in August seeking its clearance to launch an IPO and obtained its "observations" on December 13, according to the latest updates. SEBI’s observations are significant for any company to debut public issues like IPO, follow-on public offer (FPO) and rights issue.
According to the draft papers, Mazagon Dock, a principal shipyard of India serving the nation's strategic requirements, will see sale of over 2.8 crore equity shares by the government. The IPO is part of the government's target to amass Rs 1.05 lakh crore through stake sale in state-owned companies in 2019-20. The matter in question is being managed by Yes Securities, IDFC Securities, Axis Capital, JM Financial and Edelweiss Financial Services.