NEW DELHI: MTAR Technologies is likely to finalise the basis of share allotment for its recently concluded IPO on Wednesday. The initial public offer (IPO), which attracted a massive 201 times bids last week, has seen its premium surge to Rs 530 apiece in the grey market from Rs 430 a few days ago.
This is after the issue received 651 times subscription to its HNI quota, 165 times bids from qualified institutional buyers (QIB category) and 28 times demand from retail investors.
The Hyderabad-based precision engineering company manufactures critical and differentiated engineered products for nuclear, space and defence and clean energy and owns seven manufacturing facilities in Hyderabad, including an export-oriented unit.
On Tuesday, MTAR Technologies raised Rs 178.92 crore from 15 anchor investors at Rs. 575 per share including Nomura Funds Ireland, Jupiter South Asia Investment, White Oak Capital and Goldman Sachs India.
The initial public offering (IPO) by MTAR Technologies, a precision engineering company, is set to hit the primary market on Wednesday, March 3. The company that manufactures critical and differentiated engineered products, primarily serves customers in the nuclear, space and defence, and clean energy sectors. The company looks to raise up to Rs 596.41 crore via a combination of fresh issue of shares worth Rs 123.51 crore and an offer for sale of Rs 472.90 crore. The IPO is slated to run between March 3-5 with a price band of Rs 574- 575 per share. MTAR plans to utilise the money raised for repayment of the borrowings, to fund the working capital requirements and for general purposes.