Cochin Shipyard IPO a huge hit, subscribed 76 times

The initial share sale offer of Cochin Shipyard garnered strong demand from investors with the issue getting oversubscribed 76.12 times on the last day of the bidding on Thursday.

The IPO, to raise up to Rs 1,468 crore, received bids for over 258 crore shares against the total issue size of 3,39,84,000 shares, data available with the NSE till 1930 hours showed.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 63.52 times, non-institutional investors 288.87 times and retail investors 8.28 times.

Till close of bidding, the IPO was oversubscribed 3.16 times. The IPO of public sector unit Cochin Shipyard is in a price band of Rs 424-432. SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the book running lead managers to the issue.