Private shipbuilder Pipavav Shipyard Ltd aims to raise about 5-5.5 billion rupees through an IPO, two people close to the deal said, the latest among several Indian companies to revive listing plans put on hold last year.

The firm, which filed its offer document with the market regulator in January 2008, had deferred plans to raise funds due to poor market conditions.

A domestic roadshow for the IPO will begin next week while book building will take place from Sept. 17-24, one of the sources said.

According to the document filed last year, Pipavav, co-owned by SKIL Infrastructure Ltd and engineering firm Punj Lloyd, primarily plans to raise funds for construction of facilities for shipbuilding, ship repair and offshore business.

The company's current order book stands at $920 million for 34 vessels, including 12 offshore supply vessels for state-run explorer Oil & Natural Gas Corp, one of the sources said.

Citigroup Global Markets India, Enam Financial Consultants and JM Financial Consultants are the book running lead managers for the issue.

VCCircle adds: Pipavav has raised funds from more than a dozen investors including banks, financial institutions and private equity funds. Some of its investors include 2i Capital, IL&FS, SCB Asian Infrastructure Fund, IDBI, Galleon, Merill Lynch International, New York Life Investment Management India Fund, among others.  

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