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Mazagon Dock gives up large gains but still ends 19.3% higher on …

Mazagon Dock Shipbuilders listed at a 49 percent premium to its issue price at Rs 216 before losing more than half of its gains to close at Rs 176.90, or 19.3 percet higher, on profit-booking by investors.
The IPO was subscribed 157 times, indicating strong interest. The issue was opened on September 20 and closed on October 1.
The price band of the IPO was fixed at Rs 135-145. It raised about Rs 444 crore at the upper price band.
The issue was fully subscribed on its first day of the initial public offering (IPO) on Tuesday. It received 157.4 times of total subscription by the end of the third day of bidding (October 1), thus managing to surpass recent listings like Happiest Minds Technologies and Chemcon Speciality Chemicals.
The main objective of the company would be now to carry out the disinvestment of 3,05,99,017 equity shares by the government and achieve the benefits of listing the shares on the stock exchanges.
Brokerages had a positive view on the company given the unique business. 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.
UTI Asset Management Company was also listed today along with Mazagon Dock.
About Mazagaon Dock: Incorporated in 1934, Mazagon Dock is a defence public sector undertaking shipyard under the Department of Defence Production, MoD. Mazagon Dock is primarily engaged in constructing and repairing warships and submarines for MoD and other types of vessels i.e. cargo ships, multipurpose support vessels, barges and border outposts, tugs, dredgers, water tankers, etc. for commercial clients.
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. Read from source….