Mazagon Dock Shipbuilders IPO subscribed two times on day 1, retail portion 5.6 times

The initial public offering (IPO) of Mazagon Dock Shipbuilders, the defence public sector undertaking, saw good response from investors on first day today. The share sale was subscribed 2.09 times after it received bids for 6.39 crore equity shares against IPO size of 3.05 crore shares, subscription data available on the exchanges showed.

The portion allotted for non-institutional investors received 78 percent subscription and that of employees 27.7 percent. The portion for qualified institutional buyers saw 3 percent subscription.

The government firm plans to raise Rs 444 crore through the share sale. The IPO has a price band of Rs 135-145 per share. The IPO comprises 3,05,99,017 shares through an offer for sale (OFS). The issue will close on October 1.

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At the lower range of price band, the IPO is expected to raise about Rs 413 crore. Shares of the company will be listed on BSE and NSE.

The offer and net offer will constitute 15.17 per cent and 15 per cent, respectively, of the post-offer paid-up equity share capital of the company, it said. Shares are available in a lot size of a minimum 103 shares and in multiples thereof, up to a maximum 14 lots.

The government which has 100 per cent stake in the company will offload 15.17 per cent stake.

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