Mazagon Dock Shipbuilders IPO sailed through on the first day of bidding. At around 11:30 am, the public issue of state-run defence firm was subscribed 50 percent while the retail portion was subscribed fully about 1.17 times. As per the data compiled by NSE, as against the retail investor quota of 1,05,88,725 shares, the issue received bids for 1,23,82,557 shares.
The initial public offering (IPO) of 3,05,99,017 equity shares of the state-owned defence company is an OFS in which the centre looks to pare its stake. 3,45,517 shares are reserved for eligible employees. The total offer constitutes 15.17 percent of the post-issue paid-up equity.
To apply for the Mazagon Dock Shipbuilders IPO, one needs to place bid for a minimum of 103 equity shares and multiples of 103 thereafter. The company fixed the IPO price band at Rs. 135-145. At the lower price band, the company looks to mop up about Rs. 413 crore while at the upper price band Rs. 444 crore.
The lead managers of the IPO are Axis Capital, DAM Capital Advisors Ltd (Formerly IDFC Securities), Edelweiss Financial Services, JM Financial Consultants and Yes Securities. The registrar is Alankit Assignments.