Mazagon Dock Shipbuilders Debuts At 49% Premium To Issue Price
Mazagon Dock Shipbuilders IPO listed at a premium of 49 per cent on the bourses on Monday. The shares of the country's largest defence company listedĀ at Rs 216.25 on the BSE, up Rs 71.25 or 49 per cent compared to issue price of Rs 145 per share. On the NSE, the shares kicked off trading at Rs 214.95, a 48.21 per cent premium over the issue price.At 10:15 am, the shares were trading at Rs 191, higher by 33.31 per cent, on the BSE and at Rs 193, up 33.17 per cent on the NSE.
The share offering of the country's largest defence company had received an overwhelming response from the investing community. The IPO was subscribed more than 157 times; it received bids for 481.65 crore shares against the issue size of 3.06 crore, NSE data showed.
The Mumbai-based company's IPO was open for bidding between September 29 to October 1, 2020, in the price band of Rs 135-145 per share.
The government, which owns 100 per cent stake in the company, offloaded 15.17 per cent stake and earned Rs 444 crore through the public issue.
Mazagon Dock Shipbuilders was incorporated in 1,934 and comes under the aegis of the Ministry of Defence. It manufactures dredgers, water tankers, cargo ships and multipurpose support vessels, and 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 were lead managers of the public offering, while Alankit Assignments was the registrar.
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