Garden Reach Shipbuilders & Engineers Limited IPO (Garden Reach Shipbuilders IPO) Detail

Sep 24, 2018 - Oct 1, 2018

Incorporated in 1913, Garden Reach Shipbuilders & Engineers Limited is a Mini Ratna-Category I company engaged in shipbuilding company under the administrative control of the MoD.

The company primarily adheres to the requirements of the Indian Navy and the Indian Coast Guard. It is also engaged in the engineering and engine production activities and manufactures deck machinery items, pre-fabricated portable steel bridges, and marine pumps.

Garden Reach Shipbuilders has three separate facilities for shipbuilding, located at Kolkata, India. The ships are built at the Main Works Unit and the Rajabagan Dockyard. The third facility, is mainly used for fitting out and repair of ships.

The Company has many firsts to its credit in the Indian shipbuilding industry. It is the first Indian shipyard to integrate carbon composite superstructure with steel hull for the construction of the third ASW Corvette for the Indian Navy.

It is also the first and the only Indian shipyard to build and subsequently deliver a fleet tanker to the Indian Navy and to build and subsequently deliver a hovercraft to the Indian Coast Guard among others.

The shipbuilding division contributes majorly to the company's revenue from operations. It has contributed 81.23%, 75.10%, 79.09% and 83.33% of gross revenue from operations in September 30, 2017, Fiscals 2017, 2016
and 2015 respectively.

Strengths of the Company-

1. Strong Order Book of ₹208,033.60 million as on February 28, 2018.
2. Significant advantage over global shipyards in securing contracts due to Make in India initiative.
3. Offers diversified products and services in addition to shipbuilding
4. Modern infrastructure with integrated shipbuilding capabilities

The company has 2,224 full-time employees on its payroll.

Company Promoters:

The Promoter of the company is the President of India, acting through the Ministry of Defence. The Promoter, along with its
nominees, currently hold 100% of the pre-Offer paid-up Equity Share capital of the Company.

Company Financials:

Summary of financial Information (Restated)
Particulars	For the year/period ended (in Rs. Millions)
	30-Sep-17	31-Mar-17	31-Mar-16	31-Mar-15(Proforma)
Total Assets	46,999.32	45,650.04	44,514.94	40,009.76
Total Revenue	5,8583.93	11,579.57	18,467.47	16,391.63
Profit After Tax	180.69	122.32	1,620.47	517.28

Objects of the Issue:

The objects of the Issue are to:

1. Carry out the disinvestment of Equity Shares by the Selling Shareholder
2. Achieve the benefits of listing the Equity Shares on the Stock Exchanges.

The Company will not receive any proceeds from this Offer and all proceeds shall go to the Selling Shareholder.

Garden Reach Shipbuilders IPO Details

Issue Open	Sep 24, 2018 - Oct 1, 2018
Issue Type	Book Built Issue IPO
Issue Size	29,210,760 Eq Shares of Rs 10 (aggregating up to Rs 344.69 Cr)
Face Value	Rs 10 Per Equity Share
Issue Price	Rs 114 - Rs 118 Per Equity Share
Market Lot	120 Shares
Min Order Quantity	120 Shares
Listing At	BSE, NSE

Garden Reach Shipbuilders IPO Tentative Date / Timetable

Bid/Offer Opens On	Sep 24, 2018
Bid/Offer Closes On	Oct 1, 2018
Finalisation of Basis of Allotment	Oct 1, 2018
Initiation of Refunds	Oct 3, 2018
Credit of Shares to Demat Acct:	Oct 3, 2018
IPO Shares Listing Date:	Oct 5, 2018

Retail & Employee Discount

A discount of Rs 5 per equity share is offered to applications in retail and employee quota.

IPO Notices

Issue Date Extended

The issue closure date has been extended up to 01 October 2018. The Price band has been revised from 115/- to Rs. 118/- To Rs. 114/- to Rs. 118/- per share.

Garden Reach Shipbuilders IPO Subscription Status (Bidding Detail)

Garden Reach Shipbuilders IPO how much subscribed?
	No. of Times Issue Subscribed (BSE + NSE)
As on Date & Time	QIB	NII	RII	Employee	Total
Shares Offered	14,319,000	4,295,700	10,023,300	572,760	29,210,760
Oct 1, 2018 17:00	1.81x	0.31x	0.24x	0.14x	1.02x

Garden Reach Shipbuilders IPO Prospectus

› Draft Prospectus
› Red Herring Prospectus

Garden Reach Shipbuilders IPO Rating

492

3.7

Rating:

Vote Here ...

Garden Reach Shipbuilders IPO Listing Date

› Listing Date: Wednesday, October 10, 2018
› BSE Script Code: 542011
› NSE Symbol: GRSE
› Listing In:
› ISIN: INE382Z01011
› Issue Price: Rs 118 Per Equity Share
› Face Value: Rs 10 Per Equity Share

Listing Day Trading Information

.
Issue Price
Open
Low
High
Last Trade
Volume

BSE
Rs 118.00
Rs 104.00
Rs 95.35
Rs 109.50
Rs 105.10
570,105

NSE
Rs 118.00
Rs 102.50
Rs 95.00
Rs 109.00
Rs 103.30
3,073,888

Garden Reach Shipbuilders IPO Reviews / Ratings

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Company Contact Information

Garden Reach Shipbuilders & Engineers Limited
43/46 Garden Reach Road
Kolkata - 700 024
West Bengal, India

Phone: 033-2469 8545
Email: co.sec@grse.co.in
Website: http://www.grse.in/

Garden Reach Shipbuilders IPO Registrar

Alankit Assignments Ltd
   Alankit House 2E/21,
   Jhandewalan Extension,
   New Delhi - 110055

Phone: (011) 4254 1234
Email: info@alankit.com
Website: http://www.alankit.com

Garden Reach Shipbuilders IPO Lead Manager(s)

Lead Manager Reports

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Garden Reach Shipbuilders IPO Review / Comments

128. tnk Nov 3, 2018 11:30

Can't understand why no allotment in coal india ofs, when applied at cutoff 150 nos, my broker debited 39900 initially but got same credited in the evening.

127. yazoo Oct 11, 2018 23:27

wise words
Investing based on how you vote is still a terrible idea

and let me add vice versa !!

October 10, 2018 9:00am by Barry Ritholtz

126. yazoo Oct 11, 2018 23:23

Spoken like a true anarchist ,,, but please remember
on CRIMEA ,.. Indian babudum is still stuck in non aligned era

"Past performance is no guarantee of future results. Every party is desperate for votes and worse the Intelligent Indian is stuck between a rock and hard place

125. Anarchist Oct 11, 2018 10:19

5 |

IPO Mentor (500+ Posts, 1300+ Likes)

Isn't it absurd to trust a private company with zero experience in aircraft manufacturing, with technology of the nation's most advanced fighter jet? Especially when even a DRDO official was caught engaging in espionage, leaking sensitive data about Brahmos Missile system to the enemy nation Pakistan? .....
What kind of patriotism can inspire one to take such decisions is something one needs to ponder on ..

Load more comments (1 replies)

125.2. juju Oct 11, 2018 20:21

Top Contributor (300+ Posts, 300+ Likes)

Call me whatever you want, with first hand knowledge of HAL, I know a global giant like Dassault can better handle QCC with a private player

125.3. yazoo Oct 11, 2018 23:18

No real data on rafael jet deal is out ,,, 3 ways to sort out the mess PIL in SC and CAG audit . someone has filed a pil already . I dont particularly trust the parliamentary committee.

The fighter purchase has gotten delayed since George Fernandes had scrapped make in India Mirages ... Imagine the delay !!!
More importantly India needs Bomber Jets soon cause mirages are aging and will get phased out.. the tough things like training pilots and mating weapon payloads and doin the smart hacks take time...

124. Anarchist Oct 9, 2018 09:58

2 |

IPO Mentor (500+ Posts, 1300+ Likes)

If 'THEY' win the elections again..blindly pick all Reliance stocks....Infra, Industries, Defence, Naval whatever ..as those would double every 6 months for the next 5 years...

One may also initiate a 'pair trade' to maximize returns..ie- Buy truckloads of Reliance Naval / Defence and simultaneously sell some 'Nation Building's scrips like Garden, BDL or HAL against margin intraday, everyday... ..Cheers!!

Load more comments (4 replies)

124.1. yazoo Oct 11, 2018 02:25

what about adani stocks ?

id pick it stock like tcs etc for the longer term cause it is not politically sensitive

124.2. yazoo Oct 11, 2018 02:28

If congress comes it is not goin to be any different ... adani ambani get ib data and assess how to fund partys on election to election basis

Revelations of hamish mcdonald are rather interesting

124.3. Anarchist Oct 11, 2018 09:28

2 |

IPO Mentor (500+ Posts, 1300+ Likes)

Let's take two notional parties B and C for example....Now the desclaimer here is these parties are purely notional and have no co relation whatsoever with the ones that exist in reality and any resemblance to any real life party could only be the result of nothing but the coincidence..

So to begin with, the macro picture of their performance might appear similar prima facie, but the modus operandi differs drastically.....A careful look at the micro level reveals that party C seems to take rational decisions that do not disrupt the lives of the middle class or don't siphon off the last drop of blood of known tax payers while dishing out freebies/gifts to the class of people who never contributed towards the nation"s progress...So unlike the notional party B, the notional party C doesn't seem to use a huge chunk of taxpayer's money for absolutely unproductive purposes.....Instead of compelling those people to work to earn their living (Along the lines of NAREGA scheme), party B appears to engage in appeasing that class of people probably for a reason no different than getting votes...
Also party C doesn't seem to tax every single avenue of making money by way of countless different taxes, all at once,while constantly raising prices of everything essential for living....

Also the holier than thou approach makes the neutral onlooker raise eyebrows...One can't be free of all siins ( take for instance corruption) simply because they accused others of it....Moreover the whole point is lost if the amount of money swindled by way of corrupt activities is far less than the mammoth amounts wasted, destroyed in the broad daylight in the name of some seemingly futile nation building activities....

124.4. yazoo Oct 11, 2018 11:34

You forget that there is a lag effect of policys of the mother party ... which the brahmachari party has suffered ... imagine how much more the mother party can extract from middle class if it comes to power ... especially when the raja babu is clueless about pretty much most things and might be having partial idiopathy ... his second rung who is the middle country king is no less idiopathic !!
read
also some journos are hinting sabotage with a powarful ex secretary now having a vital post in the PMO and we all know that the weakest link in this govt ins the koshadhyaksha
Feet of clay
How top-down decision-making, delusions of grandeur led a strong government to poor decisions

124.5. Anarchist Oct 11, 2018 11:48

1 |

IPO Mentor (500+ Posts, 1300+ Likes)

@.
id pick it stock like tcs etc for the longer term cause it is not politically sensitive

^^^^. No ..Kot that either ...because Putin felt betrayed on the Crimea issue where unlike China, India refrained from taking a firm stand and now as THEY purchased the S400 system from Russia, America feels betrayed which is deducible from the recent diplomatic change at the Oval and the latest statement by Donald Trump...

India's export industry must now prepare to face America's wrath.....

124.6. Anarchist Oct 11, 2018 12:00

1 |

IPO Mentor (500+ Posts, 1300+ Likes)

One must avoid boarding long distance flights if they can't handle Jet lags ... Similarly, THEY need not be at the helm of the nation if THEY ain't capable of handling lags, adversities...

THEY knew the situation beforehand and THEY still promised a utopia where everything would be hunky dory ....I'm afraid but no amount of explanations can suffice for people to excuse them for what THEY have done...

123. Anarchist Oct 11, 2018 09:49

5 |

IPO Mentor (500+ Posts, 1300+ Likes)

I'd be keenly watching the amount of 'Long Term Capital Gains Tax' 'THEY' manage to collect after all the grandfathering..

122. yazoo Oct 11, 2018 02:21

3 |

I recovered partial losses from GIC ipo by shorting Garden reach .. wonder why i didnt increase my short ...i expect it to fall 10% at least in short term from here.
90 is fair value ... ie if govt doesnt cheat shareholders like it did to ONGC and oil cos
Greedy finance and disinvestment ministry is forcing LIC to bail out its fiscal deficits.This is the same formula used by congress govt ,
The promoter should at least leave say a 5 to 10% for the retailer ... forget the big investor. Wonder how LIC will make money for its policyholders.. wont take time to make LIC Bimaru
I wonder how much difference is there between Congress and BJP on eco policy
BJP has over taxed middle class Only thing is there is no mega corruption as in congress but there is mega freebee culture which is equally dangerous for the economy
Now lic is facing poor profits and cash crunch / deficits as per EcoTimes

121. KVR Krishna Oct 10, 2018 10:06

NSE 106 /-
not a bad listing...

https://www.nseindia.com/live_market/dynaContent/live_watch/get_quote/GetQuote.jsp?symbol=GRSE&series=EQ

121.1. PavanM Oct 10, 2018 13:30

1 |

Top Contributor (400+ Posts, 300+ Likes)

an IPO she leave at least 20-30% for retail investors as the whole process takes at least 10 days. As market is positive today, there is no panic selling otherwise it would have listed further less like IRCON. so, GRSE issue should have fixed issue price at 80.

120. Marketvisual Oct 6, 2018 12:58

Good to see that there is no response in this forum..
It seemss that 20 percent RII who applied for it has gone out of india for relaxing..
Its good for them to be out till diwali on vacations. Because they wont be able to face the listing of this issue.. they would be thinking 50 percent in discount??
Tough time for them.. and everone who has invested in equity on higher levels..

Load more comments (5 replies)

120.1. Devendrap Oct 6, 2018 15:38

1 |

Are working in NSE ... If not then how can you say that it will list with 50% discount. Can you tell me any one share name which full subscribe and listed with 50% discount. Please share details if you have ..

120.2. PavanM Oct 9, 2018 16:51

Top Contributor (400+ Posts, 300+ Likes)

way back in 2008 when Im very much new to IPOs & Share market itself and not even member of Chittorgarh. Archidply price band is 70-80 in 2008 subscribed by 1.5 times. It listed at 72 vs issue price of 74 i think and touched a low of 48 -50 if I remember it correctly on listing day. need not be exactly 50% discount. but its very much possible that one may wait for price to cross at least issue price & many sold in loss at 50 levels. As I applied & got only 1 lot, I had hold it for around 8 years and exited when I got my issue price as I don't need funds also at that time.

120.3. PavanM Oct 9, 2018 16:53

Top Contributor (400+ Posts, 300+ Likes)

very few trades happened at 72 & it didn't give any scope to exit on listing before falling to sub 50 levels. Also there was no preopen kind of at that time to gauge listing price.

120.4. PavanM Oct 9, 2018 17:01

Top Contributor (400+ Posts, 300+ Likes)

After burning my fingers in Reliance power IPO in Jan 2008 like many other retail investors, I kept myself away from IPOs for 4-5 months. Again after seeing few successful IPOs, applied for Archidply on SPTulsian recommendation in his website sptulsian.com & few other brokerage houses.
and it took around 8 years to cross issue price for Archidply. On a lighter note, after applying for Archidply IPO in 2008, my elder son was born in December 2008 & Archidply was able to cross its issue price after he joined in 2nd or 3rd class i think. :-) :-)

120.5. PavanM Oct 9, 2018 17:09

Top Contributor (400+ Posts, 300+ Likes)

https://www.chittorgarh.com/ipo/archidply_ipo/181/
check the above link for verifying facts if some one want. we can see in above page, some one by name Pankaj kalani got 2400 shares of Archidply in IPO. just imagine how much he lost with 1 IPO in 2008.

120.6. Devendrap Oct 9, 2018 19:40

Correct sir presently Archidply share rate 38 RS only. It's really good lesson learn for beginners.
I was applied 8640 share for garden ipo in first day in HNI But due to SEBI RULES not able to withdrawn my application.
Thanks to God for 0 allotment and now it's this ipo is lesson learn for me for future ipo application

120.7. PavanM Oct 10, 2018 08:55

Top Contributor (400+ Posts, 300+ Likes)

Archidply all time low is Rs.4.5/- vs issue price of some 74.

119. Devendrap Oct 8, 2018 15:10

Finally lucky 😁 got 0 allotment in HNI CATEGORIES

119.1. SJ Oct 8, 2018 15:12

2 |

IPO Mentor (700+ Posts, 1600+ Likes)

How ?
HNI sub. only 30 %

119.2. Devendrap Oct 8, 2018 15:23

1 |

I don't no but my full amount refunded in my bank account. May be my application rejected due to any unknown reason..but I am feeling relaxed now

118. Regulagedda Ambica Prasad Oct 8, 2018 11:26

GRSE : Allotment done at 113

117. Marketvisual Oct 8, 2018 09:19

Hahaaha.. check out awas financial today.. which is a bigger brand then garden reach ipo..
It dosent marrer any ipo is good or bad..
Its the market condition wherein which they are listed.
1 reason is higher valuation.
2 readon is bad market condition..
3 reason is.. whoever got this ipo will sell it
So . Its gone..

117.1. Devendrap Oct 8, 2018 09:50

Agree

116. Marketvisual Oct 7, 2018 08:08

First day 20-25 percent down opening..
2nd or third day.. or within a week.. again 20 prrcent down in total..

116.1. Devendrap Oct 7, 2018 20:37

2 |

Synergy green ipo subscribe only 1.1 times but open with 20% positive then how can you assume that it will open with 25% negative.
Dear no one assume in ipo for its opening price. Recently Ircon subscribe 10 times but open 15% negative

115. kumar babu Oct 4, 2018 16:25

Tomorrow listing price, any guesses !

115.1. Devendrap Oct 4, 2018 18:04

Allottement out?

114. Anil Singhavi Oct 4, 2018 09:42

Laagta he jaise RBI aur SEBI milkar kar companies ki vat laga rahe he.

Is IPO ki listing pe public iski kahi vat na lage de.

If such news/whatsapp message spread in market before listing then it will be the worst scenario for this IPO. people who got allotted can't forgot this in their nightmare.

113. Devendrap Oct 3, 2018 19:19

Hni and retail me kya sabhi Ko allottement milega kyonki dono me subscription full subscribe nhi huva?

113.1. Devendrap Oct 3, 2018 21:04

Dear admin
Please advise as I am new for ipo

112. v for vendetta Sep 26, 2018 23:22

2 |

Top Contributor (200+ Posts, 300+ Likes)

Lower price band reduced by Rs 1.
Awesome, lets grab this opportunity.
No sarcasm

112.1. DownriteVJ Oct 2, 2018 11:32

1 |

IPO Guru (1000+ Posts, 900+ Likes)

haha

112.2. ipo share Oct 2, 2018 23:14

2 |

Really very good opportunity, once in lifetime. Dil garden garden ho gaya.
Waah hazoor waah.

111. Anil Singhavi Oct 2, 2018 10:23

2 |

Allotment : 8-10-2018
Credit share : 9-10-2018
Unblock : 9-10-2018
Listing : 10-10-2018

110. Devendrap Oct 1, 2018 21:24

Any one can share total subscription please

110.1. HARI MODI Oct 2, 2018 08:10

QIB 1.81
Non Institutional Investors 0.31
Retail Individual Investors (RIIs) 0.24
Employees 0.14
Total 1.02

109. Rajesh.n.n Oct 1, 2018 10:49

Last chance to withdraw application

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