Pipavav (Gujarat): Set to debut in the capital market with an IPO, Pipavav Shipyard today said that it aims to generate around 60 per cent of its revenue from the defence sector going forward, though it does not have a single order from the sector, as of now.

“We see high growth potential in the defence and the offshore sectors. We want to emerge as a significant player in these areas. These two will be our focus areas in the days ahead,” Pipavav Shipyard’s Executive Vice Chairman Bhabesh Gandhi said here.

Gandhi said that the shipyard has orders for a total of 22 Panamax size vessels from three European companies and 12 offshore vessels from state-owned Oil and Natural Gas Corporation (ONGC).

“Chief of Naval Staff and Director General of Coast Guard and other top-notch officials from the defence and coast guard have visited our facility in the last one year. We hope to generate 60 per cent of our revenue from the defence sector going forward, ” Gandhi said.

Pipavav Shipyard has submitted bids for seven naval vessels – five offshore patrol and two cadet training vessels.

The work on the Rs 2,950 crore-shipyard is at the final stages of completion. Pipavav Shipyard is planning to dilute 12 per cent stake to mop up around Rs 500-550 crore from the IPO, which is likely to hit the market by the middle of the current month.

source: Sify

Tags: listing date of Pipavav shipyard IPO, listing price of Pipavav Shipyard IPO, Pipavav IPO, Pipavav Shipyard IPO

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