Mazagon Dock Shipbuilders IPO subscribed 7.52 times on second day of bidding

The price range for the offer, which is scheduled to close on Thursday, has been fixed at Rs 135-145 per share. Yes Securities, Axis Capital, Edelweiss Financial Services, DAM Capital Advisors and JM Financial are the managers to the offer.

The initial public offer (IPO) of state-owned defence firm Mazagon Dock Shipbuilders was subscribed 7.52 times on the second day of bidding on Wednesday. The IPO to raise about Rs 444 crore, received bids for 23,01,16,111 shares against 3,05,99,017 shares offered.

The portion reserved for retail investors was subscribed 15.53 times, non-institutional investors 4.96 times and that for qualified institutional buyers was subscribed 2.83 times. The price range for the offer, which is scheduled to close on Thursday, has been fixed at Rs 135-145 per share.

Yes Securities, Axis Capital, Edelweiss Financial Services, DAM Capital Advisors and JM Financial are the managers to the offer. Shares of the company are proposed to be listed on the BSE and the NSE.

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 draft red herring prospectus..