MTAR Technologies IPO subscribed nearly 10 times on penultimate day

Hyderabad-based precision engineering firm MTAR Technologies had recorded nearly 10x subscription to its IPO, as on the penultimate day.
 
The 7.3-million-share offering has seen bids for close to 69 million shares. Most of the bids so far have come from retail investors.
 
MTAR’s Rs 596-crore listing comprises a fresh fundraise of Rs 123 crore, and secondary share sale worth Rs 473 crore.
 
At the upper end of the IPO price band of Rs 574-575 a share, MTAR will have a market cap of Rs 1,770 crore on a post-issue basis.