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MTAR Technologies IPO subscribed 3.68 times

Capital Market 

The issue received bids for 2.67 crore shares as against 72.60 lakh shares on offer.

The initial public offer (IPO) of MTAR Technologies received bids for 2.67 crore shares as against 72.60 lakh shares on offer today, according to the stock exchange data at 17:00 IST. The issue was subscribed 3.68 times.

The issue opened for bidding on Wednesday, 3 March 2021, and it will close on Friday, 5 March 2021. The price band for the IPO is set at Rs 574-575 per share. An investor can bid for a minimum lot of 26 equity shares and in multiples thereof.

The IPO comprises both fresh issue of shares as well as offer for sales from promoters as well as investors. The fresh issue component comprises issue of upto 21,48,149 equity shares and the offer for sales comprises sale of upto 82,24,270 equity shares.

MTAR proposes to utilize the net proceeds from fresh issue for repayments of borrowings by the company, funding working capital requirements and for general corporate purposes.

Ahead of the IPO, the company on 2 March 2021 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 31 December 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, March 03 2021. 17:23 IST