MTAR Technologies Overall Subscribed 10.27 Times On Day 2

5 Mar, 2021 14:06 IST|Sakshi Post

Mumbai: MTAR Technologies, a Hyderabad-based precision engineering solutions company engaged in the manufacturing and development of mission-critical precision components and critical assemblies; received bids of 7,45,58,536 shares against the offered 72,60,694 equity shares, as per the 5:00 pm data available on the bourses. The portion reserved for the Retail category was subscribed 16.55 times.  While the Qualified Institutional Buyer category was subscribed 0.96 times, the Non-Institutional Investor category was subscribed at 8.04 times.  

The total size of the offer is Rs. 597 cr at the upper price band of Rs. 575 per share

The offer consists of a fresh issuance of equity shares aggregating up to 124 Cr and an Offer for sale of equity shares aggregating up to Rs 473 cr; of the face value of Rs 10 each. The minimum bid lot is 26 equity shares, thereafter in multiples.  The price band has been fixed at Rs. 574 – Rs. 575 per Equity Share. Prior to the IPO opening, the company raised Rs 100 cr via a pre IPO placement to SBI MF and Axis Mutual Fund.

JM Financial and IIFL Securities are appointed as the BRLMs to the Issue.

Key brokerage houses like Axis Securities, ICICI Direct, Reliance Securities, Prabhudas Liladher, Axis Capital, Anand Rathi, BP Wealth, Investmentz.com, and LKP have recommended investing in the public issue and highlighted company’s strengths like operations in the niche and critical segments like nuclear, space, defence, and clean energy; wide product portfolio with precision and accurate engineering expertise, long-standing relationships with marquee clients like ISRO, DRDO, NPCL, Bloom Energy; and a well-established order book as on September 2020 amongst others. The reports have also highlighted the Company’s strong and diversified supplier base, a track record of growth in financial performance, and experienced and qualified leadership team.

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