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Mazagon Dock Shipbuilders IPO is filed with SEBI on April 2nd 2018. Lets read the details about Mazagon Shipbuilders IPO Review & its important facts like IPO Size, IPO release date, IPO object, IPO price band, Grey market price, IPO allotment status, IPO subscription, Company’s background etc.

Face Value Rs 10
Price Band Rs 135 to Rs 145
Listing At BSE, NSE
Min. Order Quantity 103
Listing Date  Oct 12, 2020
Offer for Sale Rs 443.69 Cr
IPO Size Rs 443.69 Cr
Tick Size NA

Mazagon Dock Shipbuilders IPO will be listed on 12th Oct 2020, check out the live share price by clicking on the below link.

Also, Check Live Share Price Performance of – UTI AMC & Likhitha Infra here

Summary of Mazagon Dock Shipbuilders IPO

mazagon dock shipbuilders ipoMazagon Dock Shipbuilders Limited, aptly called “Ship Builder to the Nation”, is the India’s one of the leading Defence Public Sector Undertaking Shipyard under the Ministry of Defence. Main activities are construction of state-of-the-art warships and submarines with facilities situated at Mumbai and Nhava (under development).

As Mazagon Dock Shipbuilders is a PSU, it can be said that the Government of India, through the misnistry of Defence, will be the selling shareholder. The total number of equity shares available under the IPO to the general public is 22,410,000. Apart from this, certain shares would also be a part of the IPO but would be reserved for the eligible employees of the company.

The Promoters of this company are THE PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF DEFENCE, GOVERNMENT OF INDIA. The lead managers for Mazagon Dock Shipbuilders IPO are Yes Securities, Axis Capital, Edelweiss Financial, IDFC Bank and JM Financial. The Registrar to the Offer is Alankit Assignments Limited.

Mazagon Dock IPO Date

The opening and the closing date of IPO of Mazagon Shipbuilders Limited is SEPTEMBER 29, 2020 and OCTOBER 01, 2020.

Mazagon Shipbuilders Limited IPO Subscription

Day / Date QIB NII RII Employee Total Subscription
1st Day – Sep 29 0.04x 0.78x 5.68x 0.28x 2.10x
2nd Day – Sep 30  2.83x 4.96x 15.53x 1.04x 7.52x
3rd Day – Oct 1 89.71x 678.88x 35.63x 3.88x 157.41x
Shares Offered or Net Issue 1,51,26,750 45,38,025 1,05,88,725 3,45,517 3,05,99,017

The shares subscribed by the public will be updated here.

Mazagon Dock Shipbuilders Limited IPO Allotment Status

Here, you can find the Allotment Status of this IPO.

Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment status is not yet disclosed.

Mazagon Dock Shipbuilders Limited IPO Listing Date

Find the dates below on basis of allotment, refund, listing and more:

Basis of Allotment Finalization Oct 7, 2020
Refunds Initiation Oct 8, 2020
Credit of Shares to Demat Account Oct 9, 2020
Share Listing Date Oct 12, 2020

Mazagon Dock IPO Price Band / Cash Price

The face value of each share is Rs 10, but the price band of the IPO is Rs.135 to Rs.145. 

Mazagon Dock Shipbuilders IPO Equity Size

This Initial Public Issue of 30,599,017 Equity Shares of Rs.10 each for cash at a price of Rs.135 to Rs.145 per equity share aggregating to Rs.443.69 Cr.

Mazagon IPO Share Offering

Net Offer:The Offer less the Employee Reservation Portion.

Offer for Sale: Offer for sale consists of Up to 30,599,017 Equity Shares of face value of Rs.10 each, aggregating Rs.443.69 Cr.

Mazagon Dock Shipbuilders IPO – Live Performance

The listing date of this IPO is Oct 12, 2020. You can check the live performance of the IPO here, only after it is listed on exchanges.

Mazagon Dock Shipbuilders IPO Grey Market Premium

The Mazagon Dock Shipbuilders Limited IPO Grey Market Premium price is 110-120, the Kostak rate is 450 and the Subject to Sauda is 8000

Mazagon Dock Shipbuilders IPO – Company Overview

This Company is a wholly-owned GoI company, is a defence public sector undertaking shipyard under the Department of Defence Production, Ministry of Defence (MoD).  Mazagon Dock Shipbuilders Limited has a maximum shipbuilding and submarine capacity of 40,000 DWT and 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.

The ship building company was conferred with the ‘Mini-ratna-I’ status in 2006, by the Department of Public Enterprises. Mazagon Dock Shipbuilders Limited is India’s only shipyard to have built destroyers and conventional submarines for the Indian Navy. They are also one of the initial shipyards to manufacture Corvettes (Veer and Khukri Class) in India.

The business divisions in which Mazagon Dock Shipbuilders Limited operates are (i) shipbuilding and (ii) submarine and heavy engineering.

Mazagon Dock Shipbuilders Limited – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary:

Amount (in INR & millions)
31-Mar-20 Mar-19 31-Mar-18 31-Mar-17
Total Assets 2,09,660.28 2,08,479.34 1,93,703.72 1,93,911.65
Total Revenue 55,353.07 52,046.74 50,276.29 42,748.63
Total Expense 47,876.21 44,265.59 43,772.22 34,443.09
Profit After Tax 4,770.59 5,324.74 4,961.73 5,982.58

Earnings per Equity Share (in Millions)

31-Mar-20 Mar-19 31-Mar-18 31-Mar-17
Basic & Diluted 21.36 23.75 20.61 24.03

Their Company has posted profits continuously in the last four Fiscals. The total income was Rs.42,748.63 million, Rs.50,276.29 million, Rs.52,046.74 million and Rs.55,353.07 million for Fiscals 2017, 2018, 2019 and 2020 respectively.

Their profit for the year was Rs.5,982.58 million, Rs.4,961.73 million, Rs.5,324.74 million and Rs.4,770.59 million for Fiscals 2017, 2018, 2019 and 2020 respectively.

Mazagon IPO – Promoters


List of Related Parties (Key Managerial Personnel)

  • Vijayalakshmi Kumar, Company Secretary (Chief Manager) and Compliance Officer
  • Satish P. Shenai, Executive Director (finance)
  • Hemant V. Karekar, Executive Director (east yard)
  • Suresh Dadlani & Rohit Shrivastava, Executive Director (commercial)

Competitive Strengths of Mazagon Dock Shipbuilders Limited

  • Only public sector defence shipyard constructing conventional submarines
  • World class infrastructure capable of serving the requirements of the Ministry of Defence
  • Location of facilities promotes closer association with vendors and customers
  • Increase in indigenisation of vessels and implementation of the “Make in India” campaign
  • Established track record with strong financial position and strong Order Book
  • Experienced board and senior management team and skillfully trained workforce

Mazagon Dock Shipbuilders IPO Offer Details or Issue Details

Offer 30,599,017 Equity Shares aggregating to Rs. 443.69 Cr
Of which
Employee Reservation Portion 345,517 Equity Shares aggregating to Rs. [●] million
The Net Offer 30,253,500 Equity Shares aggregating to Rs.[●] million
(A) QIB Portion Not more than 15,126,750 Equity Shares
Of which:
Mutual Fund Portion 756,338 Equity Shares
Balance of QIB portion for all QIBs including
Mutual Funds
14,370,412 Equity Shares
(B) Non-Institutional Category Not less than 4,538,025 Equity Shares
(C) Retail Category Not less than 10,588,725 Equity Shares
Equity Shares outstanding prior to the offer 201,690,000 Equity Shares
Equity Shares outstanding after the Offer 201,690,000 Equity Shares

Mazagon Dock IPO Issue Object

The objects of the Offer are to

(i) the filing fees to SEBI;
(ii) NSE/BSE charges for use of software for the book building;
(iii) payments required to be made to Depositories or the Depository Participants; and
(iv) payments required to be made to Stock Exchange for initial processing, filing and listing of the Equity Shares.

Business strategies of Mazagon Dock Shipbuilders Limited

  • Export of their products to the international markets
  • Focus on ship repair
  • Augmentation of infrastructure and enhancing their manufacturing capacity

Mazagon IPO – Basis of the Offer Price

The Offer Price of the IPO will be determined by Mazagon Dock Shipbuilders in consultation with the Selling Shareholder and the lead managers. This would be determined on the basis of evaluation of market demand for the Equity Shares determined through the Book Building Process and on the basis of quantitative and qualitative factors.

The qualitative factors impacting the Offer Price are:

  • Only public sector defense shipyard constructing conventional submarines;
  • World class infrastructure capable of serving the requirements of the Ministry of Defense;
  • Location of facilities promotes closer association with vendors and customers;
  • Increase in indigenisation of vessels and implementation of the “Make in India” campaign
  • Established track record with strong financial position and strong Order Book; and
  • Experienced board and senior management team and skillfully trained workforce.

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-20 21.36 15.54
31-Mar-19 23.75 16.55
31-Mar-18 20.61 17.51 152.17
  • Price to Earnings (P/E) ratio in relation to Price band of Rs.[●] to Rs.[●] per Equity Share
Particulars P/E ratio
Highest 14.91
Average 11.25
Lowest 7.60

Mazagon Dock Shipbuilders IPO : Competitive Peers

Face Value (Rs.) P/E EPS (Basic) (Rs.) EPS (Diluted) (Rs.) Return on Net Worth (%) NAV per share (Rs.)
Mazagon Dock Shipbuilders Limited* 10 [●] 21.36 21.36 15.54 152.17
Listed Peers
Cochin Shipyard
10 7.60 48.05 48.05 16.98 283.02
Reliance Naval and
Engineering Limited**
10 NA (23.87) (23.87) NA (165.10)
Garden Reach Shipbuild ers & Engineers Limited** 10 14.91 14.27 14.27 7.01 90.81

Mazagon Dock IPO Lead Managers

Lead Managers
Yes Securities (India) Limited
Axis Capital Limited
Edelweiss Financial Services Limited
IDFC Bank Limited
JM Financial Limited

Mazagon Dock Shipbuilders IPO Registrar to the Offer

Registrar of the Offer
Address: 205-208, Anarkali Complex, Jhandewalan Extension,
New Delhi – 110055
Telephone: +91 11- 4254 1954/971/933, +91 22-4348 1257
Email: kamalarora@alankit.com, abhinavka@alankit.com
Website: www.alankit.com
Investor Grievance ID: mdligr@alankit.com
Contact Person: Kamal Arora/ Abhinav Kumar Agrawal/Virender
SEBI Registration Number: INR000002532

Mazagon IPO – Other Details

  • Statutory Auditor – JCR & Co., Chartered Accountants.
  • Legal Counsel to the Company – DSK Legal, Advocates & Solicitors
  • Bankers to the Company –  State Bank of India, HDFC Bank Limited

Mazagon Dock Shipbuilders IPO Review by Top 10 Stock Brokers

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Angel Broking 7.5/10 7.4/10 8.5/10 8.1/10 7.1/10
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Kotak Securities 7.3/10 7.5/10 8.4/10 8.1/10 7.3/10
ICICI Direct 7.3/10 7.3/10 8.7/10 8.1/10 7.1/10
IIFL 7.5/10 7.2/10 8.8/10 8.0/10 7.1/10
Edelweiss 7.5/10 7.4/10 8.4/10 8.3/10 7.2/10
Zerodha 7.4/10 7.1/10 8.5/10 8.1/10 7.0/10
5Paisa 7.1/10 7.1/10 8.4/10 8.1/10 7.1/10
Karvy 7.4/10 7.3/10 8.2/10 8.1/10 7.1/10
Motilal Oswal 7.1/10 7.1/10 8.6/10 8.3/10 7.2/10

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