The share price of Mazagon Dock Shipbuilders rose on Tuesday after a healthy debut the previous day. The stock traded 2.44 percent higher at Rs 176.15 per share on the NSE, at 11:55 am.

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Mazagon Dock Shipbuilders was listed with a 49 percent premium as against its issue price on Monday. However, the stock lost more than half of its gains after investors jumped to book profits.

The IPO was subscribed 157 times, indicating strong interest. 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). 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.

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