BackGarden Reach IPO closure extended to 1 October
The price band for Garden Reach IPO was also cut to 114 to 118 per equity share, from 115 to 118 earlier
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Mumbai: Garden Reach Shipbuilders & Engineers Ltd. has extended its initial public offer to 1 October, from Wednesday, the state-run company said in a filing.
The price band was also cut to ₹ 114 to ₹ 118 per equity share, from ₹ 115 to ₹ 118 earlier. The book running lead managers to the offer are IDBI Capital Markets & Securities Ltd. and YES Securities (India) Ltd.
The issue was subscribed only 67% till the end of the day. The mayhem in NBFC (non-banking finance companies) stocks, sliding rupee and boiling crude oil prices have dampened the mood in the market. Choppy secondary market has hit the primary market sentiment as well.
Aavas Financiers Ltd’s initial public offering (IPO) to raise up to ₹ 1,734 crore opened on Tuesday, amid the mayhem in the NBFCs space. The stretched valuations make the Aavas IPO look affordable largely from a long-term perspective and, given the recent meltdown in the NBFC pack, investors could be a bit cautious on the offer.
On day 2, Aavas IPO was filled only 29%, and it remains to be seen how the last day pans out for this issue as well.
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