Cochin Shipyard’s $231 Million IPO Showing Signs of ‘Strong Interest’

INS Vikrant pictured during its launch at the Cochin Shipyard, June 10, 2015. Photo: Indian Navy

Aug 3 (Reuters) – Cochin Shipyard Ltd’s initial public offering, which aims to raise up to 14.68 billion rupees ($231 million), was subscribed more than 76 times on the last day of the sale on Thursday, indicating strong interest in the state-run shipbuilder.

Investors bid for about 2.59 billion shares, compared with nearly 34 million shares on offer, data from stock exchanges showed as of 0130 GMT.

The company, which also repairs ships, was selling about 22.7 million new shares in the price range of 424 rupees to 432 rupees apiece, while the Indian government was selling about 11.3 million shares in the company.

SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the lead banks managing the IPO.

The stock is set to make its trading debut on or around Aug. 11. ($1 = 63.6750 Indian rupees) (Reporting By Arnab Paul in Bengaluru; Editing by Susan Fenton)

(c) Copyright Thomson Reuters 2017.

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