MTAR Technologies IPO will end on March 5.
MTAR Technologies three-day share sale via initial public offering (IPO) will open on Wednesday, March 3. The Hyderabad-based MTAR Technologies manufactures equipment for the defence, aerospace and nuclear energy sectors. The company is primarily engaged in the manufacturing of mission-critical precision components with close tolerance and in critical assemblies through its precision machining, assembly, specialized fabrication, testing, and quality control processes. ISRO, HAL, Defence Research and Development Organisation (DRDO), Bharat Dynamics and Bhabha Atomic Research Centre are some of its clients.
MTAR Technologies’ Rs 596 crore IPO comprises of offer for sale of Rs 472.90 crore and fresh issue of Rs 123.52 crore.
The company plans to sell shares in the price band of Rs 574 to 575 per share in lot size of 26 shares. A retail investor can apply for a maximum of 13 lots at the upper price band of the issue one lot size will cost Rs 14,950.
The IPO will end on March 5 and tentative date of listing of shares is on March 16.
The company will utilise net proceeds from its fresh issue and pre-IPO placement to repay debt and for working capital requirements.
JM Financial and IIFL Securities are the book running lead managers to the public issue.
The MTAR Technologies IPO will be the ninth public offer since the beginning of this year, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India and Heranba Industries.