Garden Reach Shipbuilders IPO scrapes through after three-day extension

The initial public offer of state-owned Garden Reach Shipbuilders & Engineers has been fully subscribed Friday.

The Rs 3.45 billion IPO received bids for 2,95,85,400 shares against the total issue size of 2,92,10,760 shares, reflecting 1.01 times subscription, data available with the NSE showed.

The category reserved for qualified institutional buyers (QIBs) was subscribed 1.81 times, non-institutional investors 30 per cent and retail investors 23 per cent.

"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 October 1, 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.

Garden Reach is a shipbuilding company under the administrative control of the Defence Ministry.

It has also built India's first indigenous warship -- the INS Ajay -- in 1961, as per the company's website.