Initial public offer of Cochin Shipyard launched at a price band of Rs 424-432

Initial public offer of Cochin Shipyard launched at a price band of Rs 424-432

Kochi,August2:The initial public offer of Cochin Shipyard was subscribed 92 per cent on the first day of the three-day bidding on Tuesday.

The IPO received bids for 3,13,17,540 shares against the total issue size of 3,39,84,000 shares, data available with the NSE showed. Public sector unit Cochin Shipyard aims to raise up to Rs 1,468 crore through its share sale offer.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 72 per cent and non-institutional investors 22 per cent. Retail investors category was oversubscribed 1.57 times. The IPO of 3,39,84,000 equity shares is in a price band of Rs 424-432 and will close on Thursday.

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

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