Cochin Shipyard shares jump on trading debut after $225 million IPO
Fri Aug 11 2017
Rajesh Sharma (2003 articles)

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.

 

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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