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Last Updated : Oct 10, 2018 05:42 PM IST | Source:

Tepid listing: Garden Reach Shipbuilders lists at 12% discount at Rs 104 on BSE

On the National Stock Exchange, the stock listed at Rs 102.50.

Moneycontrol News @moneycontrolcom

Shares of Garden Reach Shipbuilders and Engineers on Wednesday listed at a discount of 12 percent at Rs 104 apiece on the BSE. The upper end of its issue price was Rs 118.

On the National Stock Exchange, the stock listed at Rs 102.50.

The company’s Rs 345-crore initial public offering (IPO) had received a tepid response. The company extended its IPO period by another three days from September 26 to October 1 as weak market conditions persisted.

Only then, the offer was fully subscribed. The subscription figure was 1.02 times on the final day, largely supported by qualified institutional investors whose reserved portion was subscribed 1.81 times.

IDBI Capital Markets & Securities and YES Securities were managing the issue.

The company is a ship building firm under the administrative control of the Defence Ministry.

It also built India's first indigenous warship, INS Ajay, in 1961, as per the company's website.
First Published on Oct 10, 2018 10:09 am
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