Mazagon Dock Shipbuilders IPO Subscribed 2 Times On First Day Of Bidding
Tug boats guide the A.P. Moeller-Maersk A/S Sea-Land Comet container ship into the Kirshnapatnam Co. port in Kirshnapatnam, Andhra Pradesh. (Photographer: Prashanth Vishwanathan/Bloomberg)

Mazagon Dock Shipbuilders IPO Subscribed 2 Times On First Day Of Bidding

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State-owned defence firm Mazagon Dock Shipbuilders' initial public offer was subscribed 2 times on the first day of bidding itself.

The IPO to raise Rs 444 crore received bids for 6,39,74,227 shares against 3,05,99,017 units on offer.

The category meant for qualified institutional buyers was subscribed 4%, that of non-institutional investors 78% and retail individual investors' category 5.65 times.

The IPO is of up to 30,599,017 shares and is in a price range of Rs 135-145 per share.

Also read: UTI AMC IPO Sees 27% Subscription On Day One Of Share Sale

Yes Securities, Axis Capital, Edelweiss Financial Services, DAM Capital Advisors and JM Financial are the managers to the offer, which would close for bidding on Thursday.

Shares of the company are proposed to be listed on the BSE and the NSE.

Also read: Likhitha Infrastructure IPO Fully Subscribed On First Day

The company is engaged in construction and repair of warships and submarines for use by the Indian Navy and other vessels for commercial clients, according to the red herring prospectus.

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