A container ship sits under construction at the Daewoo Shipbuilding & Marine Engineering Co. shipyard in Geoje, South Korea. (Photographer: SeongJoon Cho/Bloomberg)

Garden Reach Shipbuilders IPO Off To A Muted Start

Garden Reach Shipbuilders & Engineers Ltd’s Rs 345 crore initial public offering was subscribed 0.01 times on its first day of bidding.

Of the 2.9 crore equity shares offered by the company at Rs 115-118 apiece, only one percent of the shares were subscribed today, according to data provided by the National Stock Exchange. The shares earmarked for the retail segment were subscribed 0.02 times.

The shipbuilder, which is under the administrative control of the Ministry of Defence and adheres to requirements of Indian Navy and Indian Coast Guard, received 4.02 lakh bids.

The company has three shipbuilding facilities in Kolkata, from which it generates over 90 percent of its revenue. The state-owned company, as of July 31, had an orderbook of over Rs 20,000 crore that provides a revenue visibility of more than 15 years.

The company’s bidding was managed by IDBI Capital Markets & Securities Ltd and YES Securities (India) Ltd.

Also read: Garden Reach Shipbuilders IPO: All You Need To Know