MTAR Technologies, which is a Hyderabad-based company, will open its Rs 596-crore initial public offering (IPO) for subscription on Wednesday, March 3, 2021, and will close on March 5, 2021. The year 2021 is witnessing a lot of IPO’s from starting as this will be the ninth public offer of the year. The earlier IPO’s include Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India and Heranba Industries. The shares of the company will get listed on the BSE and the NSE after IPO.
Investors who are planning to subscribe to the IPO can go through the below-mentioned details:
Public Issue: The public offering of 1,03,72,419 equity shares holds a fresh issue of 21.48 lakh shares and an offer-for-sale of 82.24 crore shares. Also, MTAR has undertaken a pre-IPO placement of 18,51,851 equity shares, aggregating to Rs 100 crore with Axis and SBI mutual funds, leading to a reduction in fresh issue size to 21,48,149 equity shares from 40 lakh shares.
Price Band: The issue is priced at Rs 574 to Rs 575 per equity share and the minimum order quantity is fixed at 26 shares.
Objective: The main agenda behind the IPO is to use the proceeds to partly or fully repay the company’s borrowings, to finance its working capital requirements and to meet general corporate purposes.
Registrar of the IPO: The registrar of the IPO is KFintech Private Limited.
Lead Managers: The lead managers of the IPO include IIFL Holdings Limited and JM Financial Consultants Private Limited.
How to apply: Interested investors can apply in MTAR Technologies IPO online using either UPI (offered by brokers who don’t offer banking services) or ASBA (available in the net banking of your bank account) as a payment method.
About the company: MTAR Technologies is a leading precision engineering solutions company and is also a leading maker of nuclear, defence and aerospace equipment, fabrication facilities and fuel cells.