Garden Reach Shipbuilders & Engineers Ltd. debuts with 11.86% discount at Rs 104.00
10/10/2018 21:50
Garden Reach Shipbuilders & Engineers Ltd. makes a weak debut on the bourses with scrip got listed at Rs 104.00 on the Bombay Stock Exchange, a 11.86 per cent discount to its issue price of Rs 118.00. On the National Stock Exchange, the stock was listed at Rs 102.50.

The company, which raised 2.92 Cr from initial public offering, was subscribed 1.01 times, receiving bids for 295.03 lakhs shares against the total issue size of 292.11 lakhs shares.

The company, listed under B Group Securities post its IPO, opened for subscription from Sep 24 to Oct 01.

Following a weak opening, the scrip touched an intraday high of Rs 109.50 and a low of Rs 95.35, before closing the session up by 10.93 per cent to its listing price at Rs 105.10 on the BSE.

The company anticipates using the proceeds of the issue for (i) to carry out the disinvestment of ,, Equity Shares by the Selling Shareholder; and (ii) to achieve the benefits of listing the Equity Shares on the Stock Exchanges the Company will not receive any proceeds from this Offer and all proceeds shall go to the Selling Shareholder Offer related expensesThe total expenses of this Offer are estimated to be approximate ? million The expenses of this Offer include, among others, underwriting and management fees, selling commissions, printing and distribution expenses, legal expenses, statutory advertisement expenses, registrar and depository fees and listing fees.

Yes Securities (India) Ltd.,IDBI Capital Market Services Ltd. as lead managers & ALANKIT ASSIGNMENTS LTD. is the registrar, to the issue.

Meanwhile, the broader benchmark BSE Sensex closed trade at 34,760.89, up 461.42 points, or 1.34 per cent.