You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Mazagon Dock makes strong debut

Capital Market 

Shares of Mazagon Dock Shipbuilders were trading at Rs 189.65 at 10:25 IST on the BSE, a premium of 30.79% over the initial public offer price of Rs 145.

The stock was listed at Rs 216.25, a premium of 49.14% to the initial public offer (IPO) price. So far the stock hit a high of Rs 216.65 and low of 176.5. On the BSE, 19.02 lakh shares were traded on the counter so far.

The IPO of Mazagon Dock Shipbuilders received bids for 481.64 crore shares as against 3.05 crore shares on offer. The issue was subscribed 157.41 times.

The non-institutional investors category was subscribed 678.88 times. The qualified institutional buyers (QIBs) category was subscribed 89.71 times. The retail individual investors (RIIs) category was subscribed 35.63 times.

The issue opened for bidding on 29 September 2020 and closed on 1 October 2020. The price band for the IPO was set at Rs 135-145 per share.

The IPO consisted of offer for sale of 3.05 crore equity shares by the Government of India (GOI). The company will not receive any proceeds from the IPO.

On a consolidated basis, the company recorded sales of Rs 4,977.65 crore and profit after tax of Rs 477.06 crore in the year ended on 31 March 2020.

Mazagon Dock Shipbuilders, a public sector undertaking under the Ministry of Defence (MoD), is engaged in the construction and repair of warships and submarines for use by the Indian Navy and other vessels for commercial clients. The company was conferred with the 'Mini-ratna-I' status in 2006 by the Department of Public Enterprises.

The business operations of the company are divided into two divisions viz. shipbuilding and submarine and heavy engineering. The shipbuilding division of the company is engaged in building and repair of naval ships. The submarine and heavy engineering division of the company undertakes building, repair and refits of diesel electric submarines.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, October 12 2020. 10:25 IST