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Ircon IPO opens on Monday, Garden Reach Shipbuilders on Sept 24

PTI New Delhi | Updated on September 16, 2018 Published on September 16, 2018

Bidding for Ircon’s initial share sale will begin on September 17 and close on September 19, while that of Garden Reach will be open for public subscription from September 24-26.   -  The Hindu

Both IPOs to fetch about Rs 815 cr to the exchequer

Railways engineering and construction firm Ircon International and defence shipbuilder Garden Reach Shipbuilders and Engineers will come out with their IPOs this month, which could together fetch about Rs 815 crore to the exchequer.

Bidding for Ircon’s initial share sale will begin on September 17 and close on September 19, while that of Garden Reach will be open for public subscription from September 24-26, the two state-run companies have said.

Equity shares of these companies will be listed on the BSE and NSE. Public issues are being floated as the government intends to unlock the value of such PSUs and bring in greater accountability. The government is targeting to garner Rs 80,000 crore through stake sales in state-owned companies in 2018-19.

In June this year, railway consultancy firm RITES had made a successful initial share sale. Ircon’s initial public offer comprises an offer for sale of 99,05,157 equity shares or 10 per cent stake by the government. It has fixed a price band of Rs 470-475 per equity share. At the higher end of the price band, the shares are estimated to fetch over Rs 470 crore.

Garden Reach has fixed its IPO at Rs 115-118 apiece, which will fetch the government around Rs 345 crore through 25 per cent stake sale.

Published on September 16, 2018
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