ET Intelligence Group: Long-term investors may consider investing in the initial public offering (IPO) of public sector undertaking (PSU) Mazagon Dock Shipbuilders. A healthy order backlog and reasonable valuations are two key investment arguments.BusinessThe Mumbai-based PSU, which is a part of the defence ministry, will be raising Rs 444 crore from the primary market. The IPO is an offer for sale by the Government of India, which will bring down its holding to 85 per cent. The company builds warships and submarines for the Indian Navy. It recently started ship repair activity.Since 1960, Mazagon Dock has built a total of 795 vessels which include advanced destroyers to missile boats and three submarines and 25 warships. Besides, it has delivered cargo ships, passenger ships, supply vessels, multipurpose support vessels, water tankers, tugs, dredgers, fishing trawlers, barges and border outposts for customers in domestic and overseas markets. In 2017 and 2019, the company delivered tw...