Cochin Shipyard surges 22% to Rs528 in trading debut

Cochin Shipyard surges 22% to Rs528 in trading debut

Cochin Shipyard, the largest public sector shipyard company, outperformed in a bad market on Friday as the stock closed at day's high.

The IPO, a fresh issue of 22.65 million shares, will fetch the company Rs978 crore at the upper end of the price band.

During the early morning trade, Cochin Shipyard shares opened 0.7% higher on the BSE at Rs 435 apiece compared to the issue price of Rs 432.

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

India, the world's fifth-biggest defence spender a year ago, is expected to spend $250 billion over the next decade to modernise its armed forces, and Prime Minister Narendra Modi wants new deals to involve a share of local production to help the country grow its nascent defence industry.

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Cochin Shipyard caters both government, including defence, and private sector clients in the commercial sector worldwide. In addition to shipbuilding and ship fix, it also offers marine engineering training.

"Going ahead, the kind of orders they get will be key, but expect the stock to do well in the short to medium term", he said.

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.

The Initial Public Offer (IPO) was oversubscribed 76 times, with the high net worth individual segment witnessing a subscription of over 288 times of the allotted component.

State-run Cochin Shipyard on Friday had an impressive debut on the bourses despite a slump in the markets.

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