Garden Reach IPO extended, price band reduced by a rupee

The company extended the deadline for its IPO by three days until October 1, 2018. Volatile market conditions seems to have dampened investor appetite for initial public offerings.

Also, the IPO's price band was revised from Rs. 115 to 118 per equity share to Rs. 114 to 118 per share. On Wednesday, the IPO was subscribed by only 67 per cent at 16:00 hours.

As per the data available with NSE at 11:25 hours on Thursday, the Qualified Institutional Buyers (QIBs) portion of Garden Reach IPO was subscribed by 44 per cent, while the retail investors quota was subscribed 24 per cent. The Cumulative bid data showed that for the total issue size of 2,92,10,760 equity share, total bids received were 1,97,38,920, of which 17,89,800 bids were received at cut-off price and in total the issue was subscribed by 68 per cent.

The state-owned enterprise Garden Reach Shipbuilders & Engineers Limited (GRSE) as the name suggests builds ships and other advance constructs primarily for the Indian Navy and Coast Guard.

Meanwhile, the second IPO which was open for subscription during the week, NBFC Aavas Financiers Limited was subscribed by 36 per cent at 11:30 hours on its last day of subscription. The issue's price band is fixed at Rs. 818-821 per share.