Pipavav Shipyard, a private ship builder, has decided to knock the door of capital market with its initial public offer (IPO) on September 16.  

The company is entering the primary market with 8.54 crore shares of Rs 10 each in the price band of Rs 55 to Rs 60.  

Pipavav Shipyard plans to raise a maximum of Rs 512 crore through the issue, which it will utilize for the construction of shipbuilding facilities, repair and offshore business and for general corporate purposes.  

The IPO closes on September 18, 2009.  

Pipavav Shipyard, which is jointly owned by SKIL Infrastructure and Punj Lloyd, has current order book of $ 96 billion for 34 vessels, including 12 offshore supply vessels for ONGC.  

JM Financial Consultants, Citigroup Global Markets India, Enam Securities and SBI Capital Markets are lead book managers of the issue.