Cochin Shipyard IPO oversubscribed 3.16 times on second day of three-day bidding

New DelhiThe initial share sale offer of Cochin Shipyard was oversubscribed 3.16 times on the second day of the three-day bidding on Wednesday.The IPO received bids for 10,72,21,140 shares against the total issue size of 3,39,84,000 shares, data available with the NSE showed.[caption id="attachment_3879415" align="alignleft" width="380"] Cochin Shipyard. Reuters[/caption]Public sector unit Cochin Shipyard aims to raise up to Rs 1,468 crore through its share sale offer. The portion reserved for qualified institutional buyers (QIBs) was oversubscribed 3.41 times, non institutional investors 0.82 times and retail investors 4 times.The IPO is in a price band of Rs 424-432 and will close today. Till close of bidding yesterday, the issue was subscribed 92 percent.SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the book running lead managers to the issue.