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48 yuan.
The opening represented a 40 percent premium to Monday's close of its Hong Kong-listed H-shares of 11.40 Hong Kong dollars ((1.46 US).
The broader market meanwhile was volatile, recovering from sharp early losses to trade slightly firmer in late morning deals.
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The offering by COSCO attracted strong interest from investors, pulling subscription funds of 1.63 trillion yuan for the offering of 1.
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784 billion A-shares or 20 percent of its enlarged share capital.
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The proceeds of the IPO will be mainly used to pay for a controlling stake in a logistics arm of its parent and buy new vessels, the company has said.