Garden Reach Shipbuilders IPO subscribed 72 pc on day 4

State-owned Garden Reach Shipbuilders & Engineers' initial public offer was subscribed 72 percent on the fourth day of bidding Thursday.

The last day for the issue was extended till October 1.

The Rs 345-crore IPO received bids for 2,10,39,720 shares against the total issue size of 2,92,10,760 shares, data available with the NSE showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 1.22 times, noninstitutional investors 30 percent and retail investors 22 percent.

"BRLM (book running lead manager) to the Garden Reach Shipbuilders & Engineers Limited issue has informed the exchange that the issue closure date has been extended up to 01 October 2018. The price band has been revised from Rs 115-118 to Rs 114-118 per share," as per an update on the exchange's website.

The original price band for the share sale was Rs 115-118 apiece.

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

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

It also built India's first indigenous warship -- the INS Ajay -- in 1961, as per the company's website.