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

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.