The Cochin Shipyard Ltd (CSL) initial public offer (IPO), listed on the Bombay Stock Exchange and National Stock Exchange on August 11 as a combination of fresh issue and offer for sale in the ratio of 2:1, saw itself being oversubscribed by over 75 times with more than Rs 1.11 lakh crore being raised against the offer of Rs 1442 crore.

According to a government source, the Issue also saw a strong interest from retail segment with over 20 lakh applications , the highest in the last decade. The QIB portion was oversubscribed by over 63 times and the HNI portion was oversubscribed by 287 times. The shares had opened at a 20% increase, despite the markets being low. The company had undertaken detailed roadshows in India, Far East, Europe and US. Overall there was very positive market sentiments, towards the IPO.

The proceeds of the fresh issue part of the IPO, totaling approximately Rs 961crore will be used by CSL for part funding two expansion projects costing Rs 2800 crore. The projects are, a dry dock at the Cochin Shipyard premises to accommodate bigger ships for building and repair, and a ship repair facility in the adjacent Cochin Port Trust premises by setting up of a ship lift and transfer system.

The company has exported around 45 ships to overseas customers and has also built the first indigenous aircraft carrier for the Indian Navy. The company’s diversified business profile and presence in multi maritime segments have resulted in strong financial fundamentals.

CSL has posted a turnover for FY 2017 at Rs 2059 crore, as against Rs 1404 crore for the FY 2012. Profit After Tax for FY 2017 was Rs 322 crore, as against Rs 172 crore for FY 2012. The networth of the company as on March 2017 stood at Rs 2031 crore, as against Rs 1051 crore at end of FY 2012, the government source added.

here is company details.

 

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