MTAR Technologies IPO to open on March 3; check price band, grey market premium

MTAR Technologies, a Hyderabad based precision engineering solutions company, is set to launch its initial public offering (IPO) for subscription on March 3. The company has fixed a price band of Rs 574-575 per equity share.

The public offer will close on March 5. Going with market sources from the unlisted space, MTAR Technologies shares are trading at a premium of Rs 245 over the IPO price.

The IPO is a fresh issuance of up to 21,48,149 equity shares and an offer for sale of up to 8,224,270 equity shares by selling shareholders. The company proposes to utilise the net proceeds from the fresh issue towards repayments of borrowings by the company, funding working capital requirements and for general corporate purposes.

JM Financial and IIFL Securities are appointed as the book running lead managers to the issue.