Mazagon Dock IPO Proves Huge Hit, Gets Subscribed a Whopping 157.41 Times on Last Day of Bidding

The initial public offer of state-owned defence firm Mazagon Dock Shipbuilders received stellar response from investors and was subscribed a whopping 157.41 times on the last day of bidding on Thursday. The Rs 444 crore public offer received bids for 4,81,64,59,117 shares against 3,05,99,017 shares on offer, as per NSE data.

The portion reserved for non-institutional investors was subscribed 678.88 times, qualified institutional buyers 89.71 times and retail investors 35.63 times. The IPO was at a planning stage for the last 2 years and its current closure has been extremely successful, Mazagaon Dock CMD Narayan Prasad said in a statement. “We are constantly working towards sustaining our leadership position in defence ship/submarine building as well as looking actively at the repair/maintenance segment and export markets for adding additional revenue to the company,” he said.