The maiden IPO from Cochin Shipyard Limited was a runaway success getting oversubscribed 76.19 times. The IPO size was 1,486 crs and garnered subscription of 1.11 lakh crs. This makes it the second highest subscription amount raised after Coal India Limited. The IPO from Coal India Limited was Rs 15,000 crs and compared to Cochin Shipyard was 1 times in size. Considering the base the subscription for Cochin Shipyard could be considered to be a block buster.

The full details of the subscription are given below.

The issue received 20.75 lakh applications and created a record in terms of highest number of applications ever received so far. In the process it beat the previous best of HUDCO which had received 20.13 lakh applications. Incidentally Hudco was also a government of India offering. Looking at the participation of retail in the primary market, it’s time for the regulator to look at the bucket sizes and reallocate the same considering the retail interest and the fact that retail is mass participation and consist of just one lot.

All told excellent response for the issue which was very well priced and kudos to the ministry for pricing the share at a valuation which leaves something on the table for all. Wonder when the same wisdom will dawn on the private companies and their promoters.