State-run warship-maker Mazagon Dock Shipbuilders has received approval from SEBI to sell shares through an IPO.

India’s biggest warship builder currently has orders for building four P-15B destroyers, four P-17A stealth frigates and five Scorpene class submarines for the Indian Navy, valued at a combined ₹₹52,760.8 crore. The orders were awarded to Mazagon by the Ministry of Defence on nomination basis after issuing a limited tender only to the company.

Mazagon, located in Mumbai, is India’s only shipyard to build destroyers and conventional submarines for the Navy.