Pipavav Shipyard eyes IPO
India's SKIL Infrastructure, which owns 38.47% stake in Pipavav Shipyard, is preparing to launch an initial public offering (IPO) to raise Rs11.25bn ($252.6m). The proceeds of the IPO would be used to retire its Rs8bn of debt and to fund expansion plans, it said in a draft prospectus. As of 31 March 2011, SKIL has a total debt of Rs13.51bn . Edelweiss, JM Financial, Nomura, SBI Capital Markets and ICIC Securities are the lead bankers for the issue. SKIL is primarily an infrastructure development firm with interest in shipyard, special economic zones, free zones, logistics, port, education and defence sectors.