Cochin Shipyard's initial public offer (IPO) received bids for a total of 10.72 crore shares on the second day of bidding today, 2 August 2017, compared with 3.39 crore shares on offer, data on the National Stock Exchange of India (NSE) website showed as at 17:15 IST. The IPO was subscribed 3.16 times.

The IPO consists of a fresh issue of 2.26 crore shares and an offer for sale (OFS) of 1.13 crore shares by the President of India (Government of India). The IPO price band has been fixed at Rs 424-432 per share. The issue closes tomorrow, 3 August 2017.

The issue includes a reservation of up to 8.24 lakh equity shares for subscription by eligible employees. 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 intends to utilize the proceeds from the issue towards setting up of dry dock, setting up of ISRF and general corporate purposes.

Cochin Shipyard's net profit rose 7% to Rs 312.18 crore on 3.5% growth in net sales to Rs 2059.49 crore for the financial year ended March 2017 (FY 2017) over the financial year ended March 2016 (FY 2016).

Cochin Shipyard is one of the leading shipbuilding and Shiprepairing companies in India.