MTAR GMP Today: The Rs 597-crore initial public offering of MTAR Technologies received an overwhelming support from investors. It was subscribed more than 200 times. According to data available on the exchanges, the IPO received bids for 145.79 crore equity shares against an offer size of 72.6 lakh equity stocks, translating into a subscription of 200.79 times.
The portion reserved for retail investors was subscribed 28.4 times, qualified institutional buyers category was subscribed 165 times and non-institutional category received 650.79 times subscription.
The IPO consists of a fresh issuance of upto 21,48,149 equity shares aggregating Rs 123.52 crore and an offer for sale of up to 82,24,270 equity shares worth up to Rs 473 crore by selling shareholders. The price band was fixed at Rs 574-575 per equity share for the initial share-sale.
MTAR Technologies is a Hyderabad-based a precision engineering solutions company. The company earlier raised Rs 179 crore from anchor investors.
In the grey market, MTAR Technologies' shares are trading at a premium of Rs 450 per share. This implies a listing price of Rs 1,025 as compared to the issue price of Rs 575 per share.
MTAR Technologies' share allotment is likely to be finalised on March 10, while listing is likely to take place on March 16.
The company said that proceeds from the fresh issue will be used to repay debt, fund long-term working capital requirements besides attending to general corporate purpose.
The company has precision engineering capabilities to build nuclear and pressurised water reactors, aerospace engines, missile systems, aircraft components and many such other critical components and assemblies.
MTAR currently operates out of seven manufacturing facilities, including an export-oriented unit located in Hyderabad, Telangana, and has been servicing the defense, aerospace and energy sectors for more than four decades. The company works with clients like Indian Space Research Organization, Defence Research and Development Organization, Nuclear Power Corporation of India Ltd and US-based Bloom Energy Corp, besides catering to other well-known establishments like Bharat Dynamics and Hindustan Aeronautics.
READ MORE: Easy Trip Planners' IPO subscription begins: Check price band, listing date and more
Latest Business News
