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Tuesday, March 23, 2010

Greatship mulls IPO, to file DRHP in 2-3 months

Greatship, the wholly-owned subsidiary of Great Eastern Shipping Company, today said it is mulling an initial public offer (IPO) and may file the draft prospectus with the market regulator Sebi in the next 2-3 months.

"The board of the company today approved that Greatship may consider approaching the public for an IPO. We are likely to file our Draft Red Herring Prospectus (DRHP) within three months," Greatship Managing Director Ravi K Sheth told PTI here.

The proceeds of the IPO would be used to fuel the company's expansion, he said, adding "we want to have a global footprint."

However, the size of the IPO and its timing will be subject to market conditions and obtaining the necessary regulatory approvals, Sheth said.

When asked how much was the company planning to dilute, he declined to comment.

It is, however, understood that the company might dilute up to 30 per cent. The company is also understood to have Barclays, Kotak and Edelweiss as bankers to the issue.

The timing of the IPO will be dictated by then-prevailing market conditions, Sheth said. The company was also open to other modes of raising finance, besides IPO, he said.

Greatship provides energy and offshore services to exploration and production operators internationally. The company was incorporated in 2002 and is based in Mumbai and Singapore.

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