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<ul><li>Mazagon Dock Shipbuilders IPO will open for subscription this week, price band fixed at ₹135-145 per share.</li><li>Here’s what makes the Mazagon Dock Shipbuilders ₹444 crore IPO a hot pick.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The state-owned defence firm Mazagon Dock Shipbuilders is set to float its ₹444 crore initial public offering in the market on September 29. The company has fixed the price band for the IPO at ₹135-145 per share. The IPO will remain open for subscription until October 1, and the shares are likely to list on both the stock exchanges— BSE and NSE on October 12. What does Mazagon Dock do? Mazagon Dock Shipbuilders is a wholly-owned Indian Government company, conferred with the ‘Miniratna-I’ status in 2006, by the Department of Public Enterprises. The company is engaged in the construction and repair of warships and submarines for the Indian Ministry of Defence for use by the Indian Navy and other vessels for commercial clients. <div type="image" title="Pic 2-INS Delhi D61" msid="78360753" hostid="261" caption="&amp;lt;p&amp;gt;INS Delhi built by Mazagon Dock Limited in Mumbai&amp;lt;/p&amp;gt;"></div> The company has also manufactured cargo ships, passenger ships, supply vessels, multipurpose support vessels, water tankers, dredgers, fishing trawlers, barges, and border outposts for various Indian and foreign customers. Here’s what makes the IPO hot! Its monopoly in the sector, says JM Financials According to JM Financials, its monopoly of being the only public sector defence shipyard constructing conventional submarines makes it an attractive bid for investors. Mazagon Dock is the only domestic yard that can build complex platforms such as Destroyers, Frigates, Corvettes, and conventional submarines. Strong order book and great revenue visibility, says Angel Broking According to Angel Broking, Mazagon Dock has a strong order book of around ₹ 54,074 crore currently, which provides revenue visibility for the long-term. The order book comprises: <ul><li>Four P-15 B destroyers</li><li>Four P-17A stealth frigates</li><li>Repair and refit of a ship</li><li>Four Scorpene-class submarines </li><li>One medium refit and life certification of a submarine.</li></ul>“MDL’s current order book is 11 times its FY20 revenues; this offers a runway for revenue growth for the next five years as it achieves the ‘bell curve’ impact on two of its largest shipbuilding projects viz. project,” the JM Financials report said. <div type="image" title="Mazagon Dock’s" msid="78360655" hostid="261"></div> India’s focus on indigenisation to boost Indian defence sector Mazagon Dock’s focus on indigenisation under ‘Make in India’, ‘Atmanirbhar Bharat,’ will be positive for growth. Recently Indian banned 101 defence items, which indicates the government’s focus on indigenisation to promote and create opportunities in the Indian defence sector. According to Angel Broking, such moves by the Indian government would be beneficial for companies like MDSL. <div type="image" title="Pic 1-Vice Admiral," msid="78360785" hostid="261" caption="&amp;lt;p&amp;gt;Narayan Prasad, CMD, Mazagon Dock Shipbuilders Ltd&amp;lt;/p&amp;gt;"></div> Here are some of the key challenges that the company faces: Dependence on the Ministry of Defense According to the HDFC report, Mazagon Dock is predominantly dependent on the Indian government for defence orders and has mostly been awarded such orders on a nomination basis by the MoD for use by the Indian Navy. However, the reports say that there is no assurance that future defence orders will be awarded to it by the MoD and which will impact its future revenue. It furthers says that “any decline, delay or reprioritisation of funding under the Indian defence budget or that of customers including the MoD for use by the Indian Navy could adversely affect MDSL’s ability to grow or maintain its sales, earnings, and cash flow.” Dependence on equipment import The HDFC report highlighted Mazagon Dock’s high dependency on foreign sources for equipment, weapons, sensors, and propulsion systems. And, any kind of delay in imports may impact their business. Mazagon Dock is also subjected to risks arising from currency exchange rate fluctuations, which could adversely affect the business, financial condition, and results of operations. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-in-india-mazagon-dock-shipbuilders-uti-amc-and-likhitha-infrastructure/articleshow/78293918.cms" data-type="tilCustomLink">Three more IPOs to hit the Indian market next week — Mazagon Dock Shipbuilders, UTI AMC and Likhitha Infrastructure</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-cams-ipo-share-allotment-status/articleshow/78311094.cms" data-type="tilCustomLink">CAMS IPO allotment: Here’s how to check share allotment status</a>

Indian Naval Shipmaker Mazagon Dock’s ₹444 crore IPO opens today— Here’s what works for it and what doesn’t

Making it private sector’s biggest ever warship project, the <keyword id="75750" type="ORGANIZATION" weightage="20" keywordseo="Russian-government">Russian Government</keyword>, under Indian PM Narendra Modi’s ‘Make In India’ initiative, has picked <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>'s Pipavav shipyard for the naval frigate order. 
 As reported by Economic Times, the order would fetch gains of around $3 billion. The <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian government</keyword> was in advance talks with the Russian government for the past few months. <keyword id="6355100" type="ORGANIZATION" weightage="20" keywordseo="Indian-Navy">Indian Navy</keyword> has been battling to increase fleet strength as public sector shipyards are engaged in executing current orders. 
 What added another feather to Modi’s cap is that <keyword id="6356806" type="COMPANY" weightage="20" keywordseo="Moscow">Moscow</keyword>, which was trying to build the frigates at a Russian shipyard last year, was decisively told that the order would only be placed through Indian PM’s ‘Make In India’ route. 
 
Though the project would definitely be flexible enough to accommodate an Indian partner, the report stated further. 
 <keyword id="6358826" type="COUNTRY" weightage="20" keywordseo="Russia">Russia</keyword>, before finalizing Pipavav evaluated a number of Indian shipyards including Larsen &amp; Toubro, Mazgaon Dockyard Ltd and Cochin Shipyard Ltd. As per officials, a formal letter was sent by Federal Service for Military Technical Cooperation (FSMTC) director <keyword id="1055773" type="PERSON" weightage="20" keywordseo="Alexander-Fomin">Alexander Fomin</keyword> last week confirming the partnership. The record deal is the first one landed by Pipavav after it was taken over by Anil Ambani's Reliance Group recently. 
 
The contract, which is supposedly a government-to-government pact, could be signed in the existing financial year and might take another six to eight years to deliver. Vice-Chief of naval staff, Vice-Admiral P Murugesan has confirmed that tentative talks are on and when decided, the frigate order will be under the Make in India initiative only. 
 The new stealth frigates will be a vital addition to the <keyword id="42407" type="ORGANIZATION" weightage="20" keywordseo="Navy">navy</keyword>'s surface fleet that is fast being upgraded to meet security challenges in the region. India has already bought six Russian-built Talwar class frigates, the last of which was delivered in 2013. 
<a href="http://www.indiandefensenews.in/2015/03/all-above-board-anil-ambanis-defence.html">Image source</a>

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