Our Bureau

Mumbai, Oct. 31

ABG Shipyard Ltd has announced a price band of Rs 155 to Rs 185 for determining the issue price of its initial public offering of 85 lakh equity shares of Rs 10 each for cash at a premium to be decided through a book-building process.

Of the total issue offer, the company has reserved 2,00,000 equity shares to its employees. Of the balance, 60 per cent is reserved for allotment to qualified institutional buyers on a discretionary basis and 10 per cent for non-institutional buyers on a proportionate basis. The balance 30 per cent is to be allotted to retail investors.

The company is engaged in construction of ships, including bulk carriers, deck barges, interceptor boats, anchor handling supply ships, diving support ships, tugs and offshore vessels.

The company since 1990 has delivered so far 88 ships of various types to domestic and international customers. Of this, nearly 50 per cent of the deliveries have taken place in the last five years.

The company has an order book position of 27 ships, which are under various stages of construction.

The book running lead managers for the issue are IL&FS Investsmart Ltd and ICICI Securities Ltd.

(This article was published in the Business Line print edition dated November 1, 2005)
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