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Cochin Shipyard shares jump on trading debut after $225 million IPO

Reuters  |  MUMBAI 

(Reuters) - in 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 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.

($1 = 64.1875 Indian rupees)

(Reporting by Swati Bhat and Devidutta Tripathy; Editing by Amrutha Gayathri)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 10:53 IST