Mumbai, March 3, 2021: 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 2,67,32,628
shares against the offered 72,60,694 equity shares, as per the 5:00 pm
data available on the bourses.
The portion reserved for retail investors saw robust interest
on 1st day itself and saw itself subscribed 6.93 times. While the Qualified
Institutional Buyer category remained unsubscribed, the Non-Institutional
Investor category was fully subscribed, 1.02 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
face value of Rs 10 each. The minimum bid lot is of 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.
Recently the company raised Rs. 179 crore overall from 15 anchor investors
which found participation from renowned global portfolio investors such as
Nomura Funds Ireland, Jupiter South Asia Investment, White Oak Capital and
Goldman Sachs Asset Management India besides key Domestic Investors like ICICI
Prudential Mutual Fund, HDFC Mutual Fund, Birla Sunlife Mutual Fund, Kotak
Mahindra Mutual Fund, Nippon India Mutual Fund, Franklin Templeton Mutual Fund,
Sundaram Mutual Fund, Invesco Mutual Fund and Birla Sun Life Insurance
participated.
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 niche and critical segments like
nuclear, space, defence and clean enery; 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, track record of growth in
financial performance and about the experienced and qualified leadership team.
JM Financial and IIFL Securities are appointed as the BRLMs to the Issue.
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