Mazagon Dock Shipbuilders sets IPO price band at Rs 135-145, to raise Rs 444 crore

State-owned Mazagon Dock Shipbuilders on September 24 set a price band of Rs 135-145 per share for its maiden public offer that opens on September 29 .

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 company is going to raise Rs 413 crore-Rs 444 crore at a price band of Rs 135 - Rs 145 per share. Bids can be made for a minimum of 103 equity shares and in multiples of 103 thereafter.

The public offer will close on October 1.

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Mazagon Dock Shipbuilders is a defence public sector undertaking shipyard under the Department of Defence Production (MoD) with a maximum shipbuilding and submarine capacity of 40,000 DWT, as per a CRISIL report.

The company is engaged in the construction and repair of warships and submarines for the ministry and other vessels for commercial clients. The company was conferred with the 'Mini-ratna-I' status in 2006.

Axis Capital, Yes Securities, Edelweiss Financial, IDFC Securities and JM Financial are the book running lead managers to the issue, while Alankit Assignments is the registrar. Equity shares will list on the BSE as well as the National Stock Exchange.