State-owned Garden Reach Shipbuilders & Engineers’ Rs3,400cr initial public offering (IPO) managed to be fully subscribed on the last day of bidding on Monday after the former extended the closing date of the offer.
The IPO was supposed to close on Wednesday, but lack of demand forced the government to extend the closing date and cut its price band. The share offering garnered bids for 29.8mn shares as against the 29.2mn on offer, i.e. 102% subscription.
The price band for the issue was initially set at Rs115-118 per share, but the lower price band was revised to Rs 114 per share. Retail investors applying to the IPO were offered a discount of Rs5 per share.
The Centre has diluted 25% stake through this offering.
IDBI Bank and Yes Securities handled the IPO.
-With inputs from Agencies