Cochin Shipyard IPO oversubscribed 76 times

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The initial public offering of Cochin Shipyard received overwhelming response from investors on the last day for subscription.

The public issue oversubscribed 75.99 times, with receiving bids for 258.25 crore equity shares against IPO size of 3.39 crore shares, as per data available on the exchange.

The reserved portion of qualified institutional investors oversubscribed 63.52 times while the portion meant for non-institutional investors saw a subscription of 288.87 times and retail 7.91 times.

Cochin Shipyard targets to raise up to Rs 1,468 crore through its share sale offer. The price band for public issue of 3.3984 crore equity shares is fixed at Rs 424-432 per share.

The IPO consists of a fresh issue of 2.2656 crore shares and an offer for sale of 1.1328 crore shares by The President of India. The issue will constitute 25 percent of the post issue paid-up equity share capital.

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