IPO Update: Garden Reach Ship Builders fixes price band

The state-owned company's Initial Public Offering (IPO) of approx Rs. 1,350 crore will be issued at a price band of Rs. 115.00-118.00 per share.

Garden Reach Ship Builders and Engineers Limited's (GRSE) IPO will offer a fresh issue of 2,92,10,760 equity shares of GRSE. The company has fixed the minimum bid lot at 120 shares. The IPO opens for subscription from September 24 to 26.

The company is expected to receive gross proceeds of Rs. 34,468.70 lakhs from the IPO.

GRSE primarily caters to the requirements of the Indian Navy and Coast Guard. The company had an order book position of Rs. 208,033.60 million of which 98.63 per cent is from the Indian Navy and the remain 1.37 per cent from the Indian Coast Guard.

The company is engaged in designing and construction of a range of advanced and strategic warships including frigates, fleet tankers, survey vessels, offshore and inshore patrol vessels, fast attack craft and hovercrafts. It also provides portable pre-fabricated steel bridges, marine pumps and diesel engines and deck machinery for warships.