Cochin Shipyard Rs 1,470-cr IPO subscribed 76 times as investors pile in

The initial public offering (IPO) by state-owned Cochin Shipyard saw 76 times more demand than shares on offer.

The institutional investor portion of the issue was subscribed 63.5 times for the Rs 1,470-crore offering, high networth individual (HNI) portion was subscribed 289 times and retail portion was subscribed eight times.

Cochin Shipyard’s IPO comprised of fresh equity issuance worth Rs 980 crore and secondary share sale by the government worth Rs 490 crore. The fresh proceeds will be used by the company for capital expansion, which includes setting up of a dry dock and international ship repair facility. The