Garden Reach Shipbuilders IPO extended; price band revised

State-owned Garden Reach Shipbuilders & Engineers Wednesday extended its initial public offer by three days to October 1 and also revised the price band.

The Rs 345-crore offer, scheduled to close Wednesday, was subscribed 67 per cent till 1700 hours, according to data available with the NSE.

"Garden Reach Shipbuilders & Engineers initial public offer subscription date has been extended and now the offer closes on October 1, 2018. Price band of the issue revised to Rs 114-118 per equity share," as per an update on the exchange website.

The original price band for the share sale was Rs 115-118 apiece.

The IPO -- which opened for subscription on September 24 -- received bids for 1,97,15,760 shares against the total issue size of 2,92,10,760 shares, the NSE data till 1700 hours showed.

Qualified Institutional Buyers (QIBs) portion has already been subscribed 1.22 times till Wednesday, while the quota for retail investors received 22 per cent subscription, as per data available with NSE.

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

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

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