Cochin Shipyard rides on strong demand to bag $231m
India’s Cochin Shipyard, one of the few proxies to the defense sector, priced its Rp14.7bn ($230.6m) IPO at the top of expectations after demand trumped supply by an impressive 76.2 times.
The float consisted of 22.65m primary shares and 11.32m secondary shares from the Indian government, equal to 25% of the issuer’s enlarged equity capital. The stock was marketed at Rp424-Rp432 a share.
Following a deluge of orders
that helped cover the deal by 76.2 times, leads
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