Garden Reach Shipbuilders & Engineers' Rs 3.4 bn IPO to open on Sept 24

Government-owned Garden Reach Shipbuilders & Engineers’ Rs 3.4-billion initial public offering (IPO) will remain open for subscription between September 24 and September 26. The price band for the issue has been fixed at Rs 115 to Rs 118 per share.

Retail investors applying in the IPO will be offered a discount of Rs 5 per share. 

The centre is diluting 25 per cent stake through the IPO, which will not involve any fresh fund raising.

IDBI Bank and Yes Securities are handling the IPO. Garden Reach’s IPO is the third offering by a state-owned company this fiscal.

In June, the centre had raised Rs 4.6 billion through the IPO of Rites, a firm that operates in transport consultancy and engineering sector. Next week, Ircon International’s Rs 4.7-billion IPO opens for subscription next week.