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State-owned Mazagon Dock Shipbuilders is likely to raise Rs 500-600 crore through an initial public offer (IPO) by the end of this month, a senior company official said Wednesday. The public sector undertaking had in August last year received Sebi's go ahead to float the initial share sale.

Mazagon, a leading shipyard of the country, would see sale of over 2.24 crore equity shares, amounting to 10 percent stake of the government.

The offer will also have a portion for employees, which will not exceed 5 per cent of the post offer paid up equity share capital of the company.

The IPO is part of the government's efforts to garner Rs 80,000 crore through stake sales in state-owned companies in 2018-19.