Cochin Shipyard surges 21% against issue price after a tepid debut

The stock moved higher to Rs 528, after listing at Rs 440 on NSE, against its IPO price of Rs 432.

Cochin Shipyard moved to Rs 528 on the National Stock Exchange (NSE), a 22% premium against its issue price of Rs 432 offered to qualified institutional buyers (QIBs) and non-institutional investors (NIIs). The retail investors and employees were offered shares at a price of Rs 411, a discount of Rs 21 per equity share.

The stock made a tepid debut on the bourses by listing at Rs 440, a marginal 2% rise against its issue price.

On the BSE, the stock was locked in upper circuit of Rs 522, up 21% against its IPO price after making a debut at Rs 435.