Mazagon Dock Shipbuilders Rs 444 crore initial public offering (IPO) will list on the bourses on Monday i.e. October 11, 2020 at 10:00 am. The share offering of the country’s largest defence company had received a spectacular response from the investing community. The IPO was subscribed more than 157 times, receiving bids for 481.65 crore shares as against the issue size of 3.06 crore, NSE data showed.
The Mumbai-based company’s IPO was open for bidding for three days, from September 29 to October 1, 2020. The company offered the shares through a book-building issue, in the price band of Rs 135-145 per share.
The government, which owns 100 per cent stake in the company, expects to offload 15.17 per cent in the share offering and garner Rs 444 crore at the higher end of the price band.
Incorporated in 1934, Mazagon Dock Shipbuilders operates under the Ministry of Defence and produces dredgers, water tankers, cargo ships and multipurpose support vessels. It is the only shipyard to build conventional submarines and destroyers for the Indian Navy.
Axis Capital, DAM Capital Advisors Ltd (Formerly IDFC Securities), Edelweiss Financial Services, JM Financial Consultants and Yes Securities are the lead managers of the public offering. Alankit Assignments is the registrar to the issue.