Greatship, the wholly-owned subsidiary of Great Eastern Shipping Company, plans to raise Rs 400-crore through an initial public offering, a company official said.
"We plan to raise nearly Rs 400-crore through our IPO. The proceeds of the IPO would be used to fuel the company's expansion," the official said, adding "we want to have a global footprint."
The company would offer 2,20,50,875 shares to the public. Kotak Investment Banking and Bank of America-Merrill Lynch are the book-runners for the IPO.
Greatship has filed its initial papers with the market regulator Sebi on May 12 for the IPO.
Greatship provides energy and offshore services to exploration and production operators internationally. The company was incorporated in 2002 and is headquartered Mumbai.
The offshore services provider currently operates 14 support vessels and two rigs. In addition, it has placed orders for seven vessels, which are scheduled to be delivered in 2011 and 2012.