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    Day 2: Mazagon Dock IPO gets subscribed 7.5 times amid strong retail demand

    Synopsis

    The IPO received bids for 23,01,16,111 shares by the end of Wednesday, against 3,05,99,017 shares offered by the company.

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    The portion reserved for qualified institutional buyers (QIBs) was subscribed 2.83 times, while employee quota received 1.04 times bids.
    Mumbai: State-run Mazagon Dock Shipbuilders’ (MDSL) initial public offer (IPO) received the strongest response among the three ongoing IPOs, and was subscribed 7.52 times on day 2 of the public offer.

    The IPO received bids for 23,01,16,111 shares by the end of Wednesday, against 3,05,99,017 shares offered by the company.

    Retail investors flocked to this issue, and the portion reserved for them was subscribed 15.53 times so far, while that reserved for non-institutional investors was filled in nearly 5 times.

    The portion reserved for qualified institutional buyers (QIBs) was subscribed 2.83 times, while employee quota received 1.04 times bids.

    Mazagon Dock Shipbuilders has fixed a price band for the issue at 135-145 per share. The issue will close for subscription on October 1. The offer is expected to raise about Rs 444 crore at the upper end of the price band and at the lower range about Rs 413 crore.

    The company, incorporated in 1934, is a 'Mini-ratna-I' public sector undertaking under the Department of Defence Production, (MoD). Headquartered in Mumbai, the core capabilities include construction and repair of warships, submarines for Indian Navy and other vessels for commercial clients.

    With a capacity of 40,000 Dead Weight Tonnage (DWT), MDSL is India’s only shipyard to have built destroyers and conventional submarines for the Indian Navy and is also the first shipyard to manufacture Corvettes (Veer and Khukri Class) in India.

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