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Cochin Shipyard Shares Jump After $225 mln IPO

Posted by Joseph Keefe

Shares in India's 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.

Reporting by Swati Bhat and Devidutta Tripathy

Aug 11, 2017

 

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