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Mazagaon Dock IPO Subscribed 2.09 times on Day 1

Retail book subscribed in wee hours of market opening

Mumbai, September 29, 2020: India’s only shipyard to have built destroyers and conventional submarines for the Indian Navy (Source: CRISIL Report); received bids of 6,39,74,227 shares against the offered 3,05,99,017 shares, as per the 5pm data available on the websites of BSE and NSE. The portion reserved for retail investors was subscribed 5.65 times. Non-Institutional Investor category was subscribed 0.78 times and Qualified Institutional Buyer category was subscribed 0.04 times.

The company has an established track record and has posted profits continuously in the last 4 fiscals. In FY20 it’s revenue stood at Rs. 34,766.96 mn from the shipbuilding division and Rs 14,935.39 mn from the submarine and heavy engineering division. As of July 31, 2020 the company's Order Book stood at Rs. 540,740 million comprising of three major shipbuilding projects and two submarine projects.

Collectively brokerage houses such as Angel Broking, Asit C Mehta, Philip Capital, Religare Broking, SMC Capital, Ventura Securities, Choice broking, Hem Securities, Sushil Finance, ICICI Securities, LKP Securities, Nirmal Bang have given a "subscribe" rating to the issue with a medium and long term objective in mind, citing its revenue visibility, healthy ROE, debt free status, world class infrastructure facilities, expansion and diversification plans, export revival plans besides its lower valuation viz peers

Some of the recent warships delivered by Mazagon dock are INS Kolkata, INS Kochi and INS Chennai. The last vessel it delivered to the MOD for use by the Indian Navy was a Scorpene class submarine- INS Khanderi in 2019. The 1st Scorpene class submarine INS Kalvari was delivered in 2017

Yes Securities Ltd, Axis Capital Ltd, Edelweiss Financial Service Ltd, Dam Capital erstwhile IDFC Securities Ltd and JM Financial Ltd are the BRLMs to the Issue.



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