Indian shipbuilder Mazagon Dock has filed for an IPO worth up to INR 15bn ($230m).

The country's government is ready to sell a 10.5% stake - 22.41m shares, VVCircle reported. It owns 100% currently.

When the yard is listed, the state will have three years to cut its 89.5% slice to 75% or less as part of a government divestment scheme.