With a spectacular initial public offering on August 1, which got oversubscribed 76 times in three days, and a strong debut on the bourses, Cochin Shipyard is set to embark on a new journey.
The IPO has brought down the government’s stake in the company to 75 per cent. Madhu S. Nair, chairman and managing director, is optimistic about the company’s expansion plans and new ventures. Excerpts from an interview:
Cochin Shipyard has healthy cash reserves and the company is debt free. Is the initial public offering the first step towards privatisation?
As of today, there has been no indication on what the government would do in the future. We first got instructions on the stock sale in 2005, when the government took a policy that all profit-making public sector companies should gradually be listed. We suggested fresh issue because we had expansion plans. When we started planning our expansion, we wanted a new larger dry dock. The current plan is to have a new dry dock as well as a ship repairing facility. We did not want to leverage too much on debt and felt that this was the best method to move forward.
Are your expansion plans backed by industrial demand?
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