Cochin Shipyard Jumps 20% After Flat Listing
Cochin Shipyard opened at Rs 440 on the NSE comared to an issue price of Rs 432.
State-run Cochin Shipyard Ltd. rose as much as 20.8 percent to Rs 522 in trade after opening at Rs 435 on the Bombay Stock Exchange. The company is India’s only profitable shipbuilder in the listed space.
The maker of the INS Vikrant opened at Rs 440 per share on the National Stock Exchange and at Rs 435 a share on the BSE, against an issue price of Rs 432. The pre-market discovery price stood at Rs 440 per share.
The Rs 1,468-crore initial public offer was subscribed 76.2 times compared to the average of 60.8 times for the sixteen IPOs so far this year.
The shipbuilder will use the proceeds from the offer to set up a new manufacturing facility besides general purposes, according to its prospectus. After the IPO, the government's stake has come down by 10 percentage points to 75 percent.
Also Read: All You Need To Know About Cochin Shipyard