New Delhi: The initial public offer of Cochin Shipyard was subscribed 92% on the first day of the three-day bidding on Tuesday.

The IPO received bids for 3,13,17,540 shares against the total issue size of 3,39,84,000 shares, data available with the NSE showed.

Public sector unit Cochin Shipyard aims to raise up to Rs1,468 crore through its share sale offer.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 72% and non-institutional investors 22%. Retail investors category was subscribed 1.57 times.

The IPO of 3,39,84,000 equity shares is in a price band of Rs424-432 and will close on Thursday.

SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the book running lead managers to the issue.