MTAR Technologies IPO priced between Rs 574-575, open March 3-5

MTAR Technologies has priced its IPO between Rs 574-575 per share. The IPO will open on March 3 and close on March 5. The IPO comprises a fresh issue of Rs 123 crore and an offer for sale of Rs 472 crore. The company plans to use the fresh issue's net proceeds to repay its debts and the company's working capital needs. Investors can bid a lot of 26 shares and multiples of 26 shares thereof. 

MTAR is an engineering solutions company engaged in the manufacture of precision components. The company primarily caters to the clean energy, nuclear and space and defence sectors.

According to its red herring prospectus (RHP), the company has developed import substitutes used in the industries it caters.  The company offers various components such as liquid propulsion engines and assemblies for cryogenic engines.