MTAR Technologies to list on bourses on Monday
The public offer was opened for bidding on March 3 and closed on March 5
MTAR Technologies, which recently concluded its Rs 597-crore initial public offering, will make its debut on the stock exchanges on March 15. The equity shares will be listed on the BSE and the National Stock Exchange.
The initial public offer (IPO) of MTAR Technologies received bids for 145.79 crore shares as against 72.60 lakh shares on offer, according to the stock exchange data. The issue was subscribed 200.79 times.
The public offer was opened for bidding on March 3 and closed on March 5. The price band for the IPO was set at Rs 574-575 per share.
The IPO comprised both fresh issue of shares as well as offer for sales from promoters as well as investors. The fresh issue component comprised of issue of up to 21,48,149 equity shares and the offer for sale comprised of sale of up to 82,24,270 equity shares.
MTAR proposes to utilise the net proceeds from fresh issue for repayments of borrowings by the company, funding working capital requirements and for general corporate purposes.
The company on March 2 allotted 31,11,725 shares to anchor investors at Rs 575 per share, aggregating to Rs 178.92 crore.
MTAR Technologies (MTAR) is a leading precision engineering solutions company engaged in the manufacture of mission critical precision components with close tolerances (5-10 microns), and in critical assemblies, to serve projects of high national importance, through their precision machining, assembly, testing, quality control, and specialized fabrication competencies, some of which have been indigenously developed and manufactured. The company primarily serve customers in the nuclear, space & defence, and clean energy sectors.
The company reported net profit of Rs 28.07 crore and total sales of Rs 177.27 crore in the nine months ended on December 31, 2020.