Cochin Shipyard IPO oversubscribed by 75.92 times on Day 3
The much-awaited IPO to enter the market, Cochin Shipyard Limited has opened for subscription on August 1. The issue will close on August 3, 2017.
The total issue size consists of 3,39,84,000 shares. The IPO attracted total bids of 2,58,00,78,390 shares and total bids at a cut-off price of 7,39,64,370 shares as of 1630 hours on August 3. NSE data shows that the issue got subscribed by 75.92 times.
As of August 3, 1630 hours, the IPO subscription data on NSE shows that the Qualified Institutional Buyers (QIBs) segment got oversubscribed by 35.28 times, Non-Institutional Investors by 116.04 times, Retail Individual Investors(RIIs) by 2.61 times and employees by 0.03 times.
The IPO follows a book building process. The price band for the issue is set at Rs 424 to Rs 432 per equity share each having a face value of Rs 10. The issue consists of a fresh issue of 22,656,000 equity shares and an offer for sale of 11,328,000 equity shares by the President of India. The issue and the net Issue will constitute 25% and 24.39%, respectively, of the post Issue, paid-up equity share capital of the company.
The company proposes to utilise the net proceeds of the issue for (i) setting up of a new dry dock within the existing premises of the company (“Dry Dock”), (ii) setting up of an international ship repair facility at Cochin Port Trust area (“ISRF”) and (iii) general corporate purposes.
SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the Book Running Lead Managers (“BRLMs”) to the Issue. The equity shares of the company are proposed to be listed on BSE Limited and National Stock Exchange of India Limited.
The total issue size consists of 3,39,84,000 shares. The IPO attracted total bids of 2,58,00,78,390 shares and total bids at a cut-off price of 7,39,64,370 shares as of 1630 hours on August 3. NSE data shows that the issue got subscribed by 75.92 times.
As of August 3, 1630 hours, the IPO subscription data on NSE shows that the Qualified Institutional Buyers (QIBs) segment got oversubscribed by 35.28 times, Non-Institutional Investors by 116.04 times, Retail Individual Investors(RIIs) by 2.61 times and employees by 0.03 times.
The IPO follows a book building process. The price band for the issue is set at Rs 424 to Rs 432 per equity share each having a face value of Rs 10. The issue consists of a fresh issue of 22,656,000 equity shares and an offer for sale of 11,328,000 equity shares by the President of India. The issue and the net Issue will constitute 25% and 24.39%, respectively, of the post Issue, paid-up equity share capital of the company.
The company proposes to utilise the net proceeds of the issue for (i) setting up of a new dry dock within the existing premises of the company (“Dry Dock”), (ii) setting up of an international ship repair facility at Cochin Port Trust area (“ISRF”) and (iii) general corporate purposes.
SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the Book Running Lead Managers (“BRLMs”) to the Issue. The equity shares of the company are proposed to be listed on BSE Limited and National Stock Exchange of India Limited.
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