Economy

Cochin Shipyard Shares Jump After $225 mln IPO

Cochin Shipyard Shares Jump After $225 mln IPO”

The country's largest public sector shipyard company Cochin Shipyard hit the ground running on its first day at the stock market, trading at Rs 461 on National Stock Exchange on Friday, higher by almost 8 percent over issue price of Rs 432. Otherwise the stock would have hit Rs 550 level in opening as it had seen overwhelming response from investors and the financials of the company were strong in last five years, experts feel.

The Indian government, which fully owned the shipbuilder before the IPO, sold part of the stake in the offering, and will own 75 percent of the company after the new shares issue.

Cochin Shipyard, the largest state-run shipyard in terms of dock capacity, gets majority of its revenue from defence sector clients.

Cochin Shipyard Ltd is India's only profitable shipbuilder in the listed space.

In the morning session, it was trading over 22 per cent up at Rs 522 a share against the issue price of Rs 432.

The price band for the Rs 1,468 crore IPO was Rs 424-432.

State-owned Housing and Urban Development Corporation Ltd (Hudco) surged as much as 30% on its stock-market debut on Friday, before trimming gains to end 21%.

The Shipyard was set to receive Rs 978.74 crore through the fresh issue of shares, Financial Express reported.

The stock debuted at Rs 435, up 0.69 per cent from its issue price on BSE. Meanwhile, Union Minister Nitin Gadkari said the investor confidence shows the faith in the Narendra Modi government's economic policies.



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