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Cochin Shipyard rallies over 20% on D-Street debut

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cochin shipyard, IPO, Stock Market

NEW DELHI: Shares of Cochin Shipyard got listed with nearly 2 per cent premium over the issue price of Rs. 432 in its debut trade today.

The stock debuted at Rs. 435, up 0.69 per cent from its issue price on the BSE. The scrip rose 20.83 per cent to hit a high of 522 on the BSE.

On the NSE, shares of the company got listed at Rs. 440.15, a gain of 1.88 per cent from the issue price. The scrip hit a high of Rs. 528.15 on the NSE.

The initial share sale offer of Cochin Shipyard was oversubscribed 76.19 times during August 1-3.

The portion reserved for qualified institutional buyers (QIBs) was oversubscribed 63.52 times, non-institutional investors 288.87 times and retail investors 8.51 times. The price band for the Rs. 1,468-crore IPO was Rs. 424-432.

SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities were the book running lead managers to the issue.

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