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JSA, S&R on $110m shipyard IPO

shipyard_the-tahoe-guy_th
shipyard_the-tahoe-guy_th
J Sagar Associates (JSA) and S&R Associates have advised Pipavav Shipyard on its proposed initial public offering (IPO) of up to Rs 5.5bn ($110m).

JSA Mumbai partner Somasekhar Sundaresan led the team for the company with associate Arka Mukherjee.

Delhi-based S&R Associates partner Sandeep Bhagat advised the underwriters in India.

Dorsey & Whitney acted as international legal counsel for the underwriters advising them on New York and US law.

The Gujarat based company is set to issue 85m equity shares and plans to diversify into the defence sector with the proceeds.

Pipavav originally wanted to raise money last year but deferred its public issue due to the poor market conditions.

The company aims to use the IPO proceeds primarily for the construction of facilities for shipbuilding, ship repair and Offshore Business.

The issue will open on 16 September and close on 18 September 2009.

Photo by the_tahoe_guy

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