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.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,467 members that receive our newsletter.
Have a news tip? Let us know.
By Julian Lee (Bloomberg) Moscow’s use of the tankers sanctioned for their involvement in the Russian oil trade is accelerating, with close to one-third of the blacklisted vessels back at work....
By Gautam Naik (Bloomberg) After fearing the worst from Hurricane Milton, investors in catastrophe bonds appear to have sustained losses well below those predicted as recently as Wednesday. Estimates that had...
Oct 8 (Reuters) – Former Amazon.com Consumer CEO Dave Clark said on Tuesday his new software supply chain management startup Auger has raised over $100 million in private equity funding from Oak HC/FT and...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,467 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
