Shares of Garden Reach Shipbuilders & Engineers made a weak debut at the bourses Wednesday and ended with a sharp loss of 12.5 per cent from the issue price of Rs 118 per scrip.
The stock listed at Rs 104, falling 11.86 per cent from the issue price on BSE. During the day, it plunged 19.19 per cent to Rs 95.35. The scrip finally ended at Rs 105.10, down 10.93 per cent.
At NSE, shares of the company slumped 12.45 per cent to end at Rs 103.30.
The company's market valuation stood at Rs 1,203.94 crore on BSE.
In terms of equity volume, 5.70 lakh shares of the company were traded on BSE and over 30 lakh shares changed hands at NSE during the day.
The company's Rs 345-crore initial public offer ran from September 24-October 1 as the issue closure date was extended.
Also, the price band for the offer, which was fully subscribed, was revised from Rs 115-118 per share to Rs 114-118.
IDBI Capital Markets & Securities and YES Securities were the book running lead managers to the offer.
Garden Reach is a ship building 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.
Disclaimer: No Business Standard Journalist was involved in creation of this content
