Cochin Shipyard shares jump on trading debut after $225 million IPO

Updated: Fri, Aug 11, 2017
10:54 am
Reuters
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Shares in Cochin Shipyard Ltd rose more than 20 percent on their trading debut on Friday after the state-run company`s 14.42 billion rupees ($224.7 million) initial public offering.

The stock was trading at 528.15 rupees by 0432 GMT, 22.25 percent higher than its IPO issue price of 432 rupees. Retail investors were issued shares at a discounted price of 411 rupees.

The shipbuilder, which also repairs ships, had seen strong investor interest in the IPO with the sale last week being subscribed more than 76 times.

($1 = 64.1875 Indian rupees)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)