Greatship India IPO : Files DRHP with SEBI
India based vessel operator, Greatship (India) Ltd is a wholly-owned subsidiary of Great Eastern Shipping Company (GE Shipping). Greatship India (GIL) was incorporated in 2002 and is based in Mumbai and Singapore. The company has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI on 14th May 2010 to float its IPO. The company wants to raise money from primary market with an IPO of 22,050,875 equity shares of face value Rs 10, with a premium decided by the 100% book building process. The money raised by this proposed Ipo would be around Rs 400-crore.
The company want to raise money from primary market with this IPO for funding the acquisition, for redemption of part of the Preference Shares and funding the repayment of a portion of the debt. The company operation involves drilling, offshore logistics and offshore construction. It has entered into agreements with global service providers to offshore supply vessels and in-charter rigs for requirements in the country. By March 2013, GIL and its subsidiaries will have a total of 27 operating offshore/logistic assets.
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Book running lead managers to the issue are DSP Merrill Lynch and Kotak Mahindra Capital Company Limited.
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