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Mazagon Dock Shipbuilders IPO: Retail book fully subscribed in 4 hours, 2x bids received

Mazagon Dock Shipbuilders IPO: Retail book fully subscribed in 4 hours, 2x bids received

Mazagon Dock Shipbuilders IPO: Retail book fully subscribed in 4 hours, 2x bids received
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By Mousumi Paul  Sept 29, 2020 2:36:29 PM IST (Updated)

Mazagon Dock Shipbuilders IPO has been fully subscribed on the first day of the initial public offering after it opened on Tuesday.

Mazagon Dock Shipbuilders IPO has been fully subscribed on the first day of the initial public offering after it opened on Tuesday. At 2:35 pm, the issue of the state-owned defence firm was already 50 percent subscribed and the retail book was fully subscribed about 2 times.

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The number of shares reserved for retail investors was 1,05,88,725 and the bids received till now are 2,14,35,330 shares, as per the NSE data.
According to the company's RHP (red herring prospectus), one can bid for a minimum of 103 equity shares and in the multiples of 103 thereafter.
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The price band of the IPO is fixed its IPO price band at Rs 135-145. It is expecting to raise about Rs 413 crore at the lower price band and Rs 444 crore at the upper price band.
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.
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.
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