IPO Update: Garden Reach and Manorama Industries open for subscription

The book building initial public offerings (IPO) of two companies Garden Reach and Manorama Industries are open for subscription. Garden Reach is a PSU shipbuilders, while Manorama Industries is a speciality forest products company.

Garden Reach Shipbuilders & Engineers Limited (GRSE) is public sector enterprises catering to the Indian Navy and Coast Guard. The company mainly designs and constructs advance and strategic warships of the Indian Navy.

The company's IPO issue size is 29,210,760 equity shares of face value Rs. 10 each. The IPO's price band is fixed at Rs. 115-118 per share. Retail investors and certain employees of the company are eligible for a 5 per cent discount. The minimum bid quantity is 120 shares. The IPO closes on September 26, 2018.

The second IPO which is open for subscription is of Manorama Industries Limited, a forest products company, with expertise in exotic and speciality fats and oils. The company focuses on sourcing raw material directly from the tribal people. The issue size of the IPO is 34,04,400 equity shares of face value Rs. 10 each. The retail portion of the IPO is 13,50,600 equity shares. The IPO's price band is fixed at Rs. 181-188 per share. The minimum bid lot size is 600 shares. The book building IPO closes on September 25, 2018.

Meanwhile, the IPO of Aavas Financiers Limited, a retail housing finance company (HFC) active in Rajasthan, Gujarat, Madhya Pradesh and Maharashtra opens for subscription on Tuesday, September 25 and closes on September 27. The IPO's price band is fixed at Rs. 818-821 per share. The minimum bid quantity is 18 equity shares.