Cochin Shipyard Limited completed its landmark initial public offer (IPO) over-subscribed 75 times raising more than ₹1.11 lakh crore, as against the offer size of ₹1,442 crore, the Ministry of Shipping said on Wednesday.
“The issue also saw a strong interest from retail segment with over 20 lakh applications, the highest in the last decade,” the Ministry said in an official statement.
Finance Minister Arun Jaitley said that the Department of Shipping made a presentation on the Cochin Shipyard IPO to the Cabinet. “This has seen a record response with the issue being oversubscribed by 75-76 times,” Mr. Jaitley said in a press briefing.
The qualified institutional buyers portion was over-subscribed by more than 63 times and the high net worth individual portion was over-subscribed by 287 times, the statement said.
“The proceeds of the fresh issue part of the IPO, totalling approximately ₹961crore will be used by CSL for part funding two expansion projects costing ₹2800 crore,” it added.
