The shipbuilding firm Garden Reach Shipbuilders has opened its initial public offering (IPO) worth INR 345 Crore for the subscription on Monday. Till date, this is the 3rd public offer from the Government of India in fiscal 2018-19 after RITES and IRCON International. The employees and retail investors will get the equity shares at a discount of INR 5/share on a final offer price.

Let’s have a look at the IPO details:

Issue Open: September 24 – 26, 2018

Issue Size: 29,210,760 Equity Shares

Issue Price: INR 115 – 118

Minimum Order Quantity: 120 Shares

Listing At: NSE & BSE

The company won’t get any proceeds from this initial public offer but all the funds will go to the selling shareholder. White the President of India is the promoter of this firm, acting through the Ministry of Defense.

About Garden Reach Shipbuilders & Engineers:

Garden Reach Shipbuilders is a state-owned shipbuilding company started in 1913 and a mini Ratna-Category I company. This firm adheres to the needs of the Indian Navy & the Indian Coast Guard. It’s also highly engaged in manufacturing deck machinery items, marine pumps, and pre-fabricated portable steel bridges.