Cochin Shipyard makes a steady stock market debut, closes 20.83% higher

 BT Online        Last Updated: August 11, 2017  | 16:41 IST
Cochin Shipyard makes a steady stock market debut, closes 20.83% higher

Cochin Shipyard on Friday made a steady stock market debut with the share trading almost 17.30 percent or 75 points higher on the BSE.

The stock breached its IPO price band of Rs 424-432 per share.

At 10:03 am, the stock was trading 20 percent or 90 points higher at 522 level.

The stock closed 20.83 percent or 90 points higher compared to issue price on the BSE.

The IPO of Cochin Shipyard was subscribed 76.19 times during 1-3 August.

The portion reserved for qualified institutional buyers (QIBs) was oversubscribed 63.52 times, non institutional investors 288.87 times and retail investors 8.51 times.

The IPO of Rs 1,468 crore of public sector unit Cochin Shipyard was in a price band of Rs 424-432.

SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities were the book running lead managers to the issue.

Cochin Shipyard caters to clients engaged in defence sector in India and clients engaged in the commercial sector worldwide. In addition to shipbuilding and ship repair, it also offers marine engineering training.

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