Problems while starting DB

HI All,
I am trying to get postgres 7.3.2 to work on a solaris 8 machine.
Compile/Installation went smoothly.

When I try to start the DB using the command -

/opt/CSCOets/pgsql/bin/pg_ctl -D /opt/CSCOets/pgsql/data -l
/var/sandbox/testdb/logfile start

I get the following error in the logfile -
******************************************************************************
IpcSemaphoreCreate: semget(key=5432001, num=17, 03600) failed: Invalid argument
******************************************************************************

After this I tried to reinit the DB and got the following error -
******************************************************************************
The files belonging to this database system will be owned by user "tafuser".
This user must also own the server process.

The database cluster will be initialized with locale C.

creating directory /opt/CSCOets/pgsql/data... ok
creating directory /opt/CSCOets/pgsql/data/base... ok
creating directory /opt/CSCOets/pgsql/data/global... ok
creating directory /opt/CSCOets/pgsql/data/pg_xlog... ok
creating directory /opt/CSCOets/pgsql/data/pg_clog... ok
creating template1 database in /opt/CSCOets/pgsql/data/base/1...
IpcSemaphoreCreate: semget(key=1, num=17, 03600) failed: Invalid argument

initdb failed.
Removing /opt/CSCOets/pgsql/data
*******************************************************************************

It appears the problem lies in this section of initdb (LINE 570:)
cat "$POSTGRES_BKI" \
| sed -e "s/POSTGRES/$POSTGRES_SUPERUSERNAME/g" \
-e "s/ENCODING/$ENCODINGID/g" \
|
(
LC_COLLATE=`pg_getlocale COLLATE`
LC_CTYPE=`pg_getlocale CTYPE`
export LC_COLLATE
export LC_CTYPE
unset LC_ALL
"$PGPATH"/postgres -boot -x1 $PGSQL_OPT $BACKEND_TALK_ARG template1
) \
|| exit_nicely

*******************************************************************************
FYI : I have set the following env variables

LD_OPTIONS='-L/opt/CSCOets/pgsql/lib -R$ORIGIN/../lib -R/opt/pgsql/lib -i
-s -z origin'
CFLAGS=`getconf LFS_CFLAGS`' -O2 -funroll-loops -fexpensive-optimizations
-I/opt/CSCOets/pgsql/include' $ CPPFLAGS=`getconf LFS_CFLAGS`' -O2
-funroll-loops -fexpensive-optimizations -I/opt/CSCOets/pgsql/include'

Any help with this would be appreciated.

Thanks,

-Sathish