MTAR Tech IPO subscribed 110 times so far on final day
The IPO has received bids for 44.57 crore equity shares till 1.10 pm against an offer size of 72.6 lakh equity stocks, translating into a subscription of 61.38 times, data available on the exchanges showed.
The Rs 597-crore initial public offering of MTAR Technologies was subscribed 96.84 times on Friday, the final day of the bidding process, on huge support from QIB, non-institutional investors as well as retail investors.
The IPO has received bids for 79.96 crore equity shares till 1.10 pm against an offer size of 72.6 lakh equity stocks, translating into a subscription of 61.38 times, data available on the exchanges showed.
The portion reserved for retail investors was subscribed over 24 times, non-institutional category by more than 325 times and the portion reserved for qualified institutional buyers was subscribed over 52 times.
MTAR Technologies, a precision engineering solutions company, on Tuesday, raised Rs 179 crore from anchor investors.
The IPO consists of fresh issuance of up to 21,48,149 equity shares aggregating Rs 123.52 crore and an offer for sale of up to 82,24,270 equity shares worth up to Rs 473 crore by selling shareholders.
The price band has been fixed at Rs 574- 575 per equity share for the initial share-sale, which would be open for public subscription till March 5.
Proceeds from the fresh issue will be used to repay debt, fund long-term working capital requirements besides attending to general corporate purpose.
The Hyderabad-based company has precision engineering capabilities to build nuclear and pressurized water reactors, aerospace engines, missile systems, aircraft components and many such other critical components and assemblies.
MTAR currently operates out of seven manufacturing facilities, including an export-oriented unit located in Hyderabad, Telangana, and has been servicing the defence, aerospace and energy sectors for more than four decades.
The company works with clients like Indian Space Research Organization, Defence Research and Development Organization, Nuclear Power Corporation of India Ltd and US-based Bloom Energy Corp, besides catering to other well-known establishments like Bharat Dynamics and Hindustan Aeronautics.
JM Financial and IIFL Securities are the book running lead managers to the issue.