This story is from October 10, 2018

Garden Reach Shipbuilders IPO makes market debut at 12% discount at Rs 104

State-owned Garden Reach Shipbuilders & Engineers is going to make its debut on the stock exchanges, BSE and NSE, on Wednesday
Garden Reach Shipbuilders IPO makes market debut at 12% discount at Rs 104
Representational Image
NEW DELHI: State-owned Garden Reach Shipbuilders & Engineers made its debut on the stock exchanges, BSE and NSE, on Wednesday. The stock of the company got listed at 12% discount at Rs 104 on BSE and at Rs 102.50 on NSE.
The Garden Reach IPO (initial public offering) was subscribed 1.02 times on the last day of bidding (October 1).
The Rs 345-crore IPO received bids for 2,97,58,920 shares against the total issue size of 2,92,10,760 shares, data available with the NSE showed.

Qualified institutional buyers (QIBs) portion was subscribed 1.81 times, non-institutional investors 31 per cent and retail investors 24 per cent.
Garden Reach is a ship building company under the administrative control of the defence ministry. The offering is part of the government's plan disclosed last year to sell up to 25 per cent of its stake in four state-owned companies under the control of the department of defence.
"BRLM (book running lead managers) to the Garden Reach Shipbuilders & Engineers Limited issue, has informed the exchange that the issue closure date has been extended up to 01 October,2018. Price band has been revised from Rs 115-118 to Rs 114-118 per share," according to an update on NSE.

The earlier issue closure date was September 26.
IDBI Capital Markets & Securities Limited and YES Securities (India) Limited are managing the issue.
The company has also built India's first indigenous warship -- the INS Ajay -- in 1961, as per the company's website.
(With PTI inputs)
End of Article
FOLLOW US ON SOCIAL MEDIA