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

Reuters  |  MUMBAI 

MUMBAI (Reuters) - Shares in Cochin Shipyard 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 shares 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 ...

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