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Cochin Shipyard makes strong market debut after $225 million IPO

Reuters  |  MUMBAI 

MUMBAI (Reuters) - Cochin Shipyard Ltd shares rose more than 20 percent on their trading debut on Friday after a $225 million initial public offering, as investors bet on strong growth prospects for the state-run company buoyed by a flagship government programme and push to localise defence manufacturing.The stock was trading at 514 rupees by 0600 GMT, 19 percent higher than its IPO issue price of 432 rupees, having risen to a high of 528.15 rupees. Retail investors were issued shares at a discounted price of 411 rupees.India, the world's fifth-biggest defence spender last year, is expected ...

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First Published: Fri, August 11 2017. 11:49 IST