Big setback for Garden Reach Shipbuilders as stock markets spoil debut
The shipbuilder’s Rs 345 crore IPO was subscribed 1.02% on the final day, after being extended for three days till October 1 due to a tepid response. The price band was also revised from Rs 115-118 to Rs 114-118 a piece. The offer for sale by the government was a part of its divestment plan.
Volatile markets are spoiling the listing of the companies on the bourses with three companies debuting at a discount to their issue price. Image source: Reuters