Mazagon Dock Shipbuilders is a state-owned company is likely to raise fund around INR 500-600 Cr. through the IPO (Initial Public Offer) by this month end. The company received a go-ahead signal from the market regulator the Securities and Exchange Board of India to launch an initial share sale.

“We’re targeting to raise INR 500 – 600 Cr. through the Initial Public Offer & we’re also expecting to hit launch IPO by end of this month”, Rakesh Anand, Chairman & MD of Mazagon Dock Shipbuilders Said.

The IPO is a part of the government’s efforts to gather INR 80,000 crore through stake sales. The company would see a sale of around 2.24 crore equity shares. The offer will have a small allotment for the employees within 5% of the total equity share.

Yes Securities, Edelweiss Financial Services, J M Financial, IDFC Bank and Axis Capital will manage this public issue.