GE Shipping opens down, bounces back on IPO plan drop

Shares in Great Eastern Shipping Co Ltd opened down 1% before reversing losses on Monday after it said on Friday its unit, Greatship (India) Ltd (GIL), has dropped plans for an initial public offering of shares citing bad market conditions.                                           

Shares lost more than 1% at open before bouncing back to be up more than 2%.  

At 9.17 am, they were up 1.2% at Rs281.9 each.  

In May last year sources tsaid the offshore services provider was planning to raise $80-$100 million by selling 22.05 million shares in an initial public offering.