Garden Reach Shipbuilders & Engineers IPO 24

IPO Investment

The initial public offering (IPO) of Mumbai-Garden Reach Shipbuilders and Engineers Limited will open on September 24 and close on September 26. The company owned by the central government has fixed the price scope for the issue from 115 to 118. A face value of 10 rupees will be given to the retail investors and the employees of the company will be given a discount of 5 rupees.

In Mumbai, Vipin Kumar Saxena, Chairman and Managing Director of the company, said that under the issue, 2.92 crore equity shares will be sold under Offer for Sale (OFS). Through this, the company plans to raise Rs 344 crore at the upper end. In the output and net issue, the company will have 22.50 percent and 25.00 percent of the paid-up equity capital after the issue.

Applications can be applied in the minimum 120 equity shares and 120 multiplier of equity shares. Equities will be listed on BSE and NSE. For this issue book running lead managers (“BRLs”) are IDBI Capital Markets and Securities Limited and Yes Securities (India) Limited. Under this, 50 percent of the net issue will be available for the allocation of qualified institutional buyers (‘QIB’) on a proportionate basis. 35 per cent for retail and 15 per cent for HNI.