Mazagon IPO subscribed 1.74 times on Day 1; UTI AMC mops up about 24%

Govt is looking to raise Rs 440 crore by divesting 15.2% stake through Mazagaon IPO

State-owned Mazagon Dock Shipbuilders garnered 1.74 times subscription for its initial public offering (IPO) on Tuesday, the first day of the issue. 

Meanwhile, two other IPOs which too opened on Tuesday that of UTI Asset Management Company and Likhitha Infrastructure garnered 24 per cent and 77 per cent subscription respectively. 

Through the Mazagon IPO, the government is looking to raise Rs 440 crore by divesting 15.2 per cent stake. The IPO price band has been set at Rs 135 to Rs 145 per share. 

At the top end, the company will be valued at Rs 2,924 crore. 

UTI AMC’s IPO is also entirely secondary share sale by five of its shareholders. The price band for the UTI AMC IPO is Rs 552 to Rs 554 per share. 

At the top end, UTI will be valued a Rs 7,000 crore. 

Likhitha is the smallest IPO of the lot with issue size of just Rs 61.2 crore. Unlike the other two, this IPO is an entirely fresh fund raise. Likhitha is a Hyderabad-based oil and gas pipeline infrastructure service provider. 

All three IPOs close on Thursday.