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REFILE-India's Cochin Shipyard shares jump on trading debut after $225 mln IPO
August 11, 2017 / 4:46 AM / a month ago

REFILE-India's Cochin Shipyard shares jump on trading debut after $225 mln IPO

(Corrects to drop extraneous word in paragraph 1 and spelling error in paragraph 3)

MUMBAI, Aug 11 (Reuters) - 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. ($1 = 64.1875 Indian rupees) (Reporting by Swati Bhat and Devidutta Tripathy; Editing by Amrutha Gayathri)

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