Mazagon Dock IPO to open on September 29, price band set at Rs 135-145

State-owned warship maker Mazagon Dock Shipbuilders is set to launch its initial public offering (IPO) September 29. The issue will close on October 1. The price band has been set at Rs 135-145.

The company is looking to raise up to Rs 444 crore from the public. Bids can be made for a minimum of 103 equity shares and in multiples of 103.

Mazagon Dock is a defence public sector undertaking shipyard under the Department of Defence Production, MoD. The company has maximum shipbuilding and submarine capacity of 40,000 DWT.

The company is engaged in the construction and repair of warships and submarines for the MoD for use by the Indian Navy and other vessels for commercial clients.

Key things to know about Angel Broking IPO

The initial public offering (IPO) of 3,05,99,017 equity shares of the state-owned defence company is an offer for sale by the government. As many as 3,45,517 shares have been reserved for eligible employees. The total offer will constitute 15.17 percent of the post-issue paid-up equity.

For the financial year ended March 2020, Mazagon Dock Shipbuilders reported a revenue of Rs 5,566 crore while its profit stood Rs 415 crore.

The announcement comes after a slew of public offers by many companies such as Happiest Minds Technologies, Route Mobile, CAMS, Chemcon Speciality Chemicals and Angel Broking.