Pipavav Shipyards, India's largest dockyards, filed their Draft Red Herring prospectus with the SEBI on Thursday. Pipavav is planning to raise an estimated Rs. 512 Crores ($106 Million) through the IPO, giving it an enterprise valuation of about Rs. 4600 Crores ($960 Million). Originally promoted by Sea King Infra Limited (SKIL) and Grevec Investments, with Punj Lloyd coming in later as a co-promoter, Pipavav had filed a DRHP with the SEBI in early 2008, but shelved the launch due to the economic downturn.

J. Sagar Associates, Mumbai, led by Capital Markets Partner Somasekhar Sundaresan [pictured], are advising Pipavav Shipyards on the IPO. "There is no major precedent of a shipyard issuing an IPO," said Mr. Sundaresan. "There were a number of pre-IPO transactions which are detailed in the offer documents, and the entry of Punj Lloyd as a co-promoter just before the issue made it all the more challenging," he concluded.

The underwriters are being advised by S&R Associates, Delhi. The S&R team is led by Partner Sandip Bhagat, assisted by Associates Jabarati Chandra and Tanya Aggarwal.

The London office of Dorsey & Whitney is acting as the International legal advisors to the underwriters in this round of the issue. The Singapore office of Skadden, Arps, Slate, Meagher & Flom acted as International legal counsel for the underwriters when the original DRHP was filed in 2008. The reason for the change in counsel is not known. Skadden Arps was not available for comment.