New Delhi: The initial public offer of state-owned Garden Reach Shipbuilders & Engineers was subscribed 1.02 times on the last day of bidding Monday.

The 345-crore IPO received bids for 2,97,58,920 shares against the total issue size of 2,92,10,760 shares, data available with the NSE till 5pm showed.

Qualified institutional buyers (QIBs) portion was subscribed 1.81 times, non-institutional investors 31% and retail investors 24%.

“BRLM (book running lead managers) to the Garden Reach Shipbuilders & Engineers Limited issue, has informed the exchange that the issue closure date has been extended up to 1 October 2018. Price band has been revised from 115-118 to 114-118 per share," according to an update on NSE made last week.

The earlier issue closure date was 26 September.

IDBI Capital Markets & Securities Limited and YES Securities (India) Limited are the managers to the issue.

Garden Reach is a ship building company under the administrative control of the Defence Ministry.

It has also built India’s first indigenous warship — the INS Ajay — in 1961, as per the company’s website.

(This story has been published from a wire agency feed without modifications to the text.)

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