MTAR Tech makes strong market debut: Listed at 85% premium over issue price



News24

LAST UPDATED: March 15, 2021, 3:09 p.m.

New Delhi (Anish Yande): MTAR Technologies Ltd had launched its initial public offering amounting to Rs 560 crore in the previous week. The shares of MTAR Technologies have debuted on the stock exchanges today. The shares have made a strong debut on the BSE and NSE.

MTAR Technologies listed on the share market:

On Monday, the shares of MTAR Technologies debuted at Rs 1,063.90 on the Bombay Stock Exchange (BSE). The shares have been listed a premium of 85.03 percent, over the issue price of Rs 575. On the National Stock Exchanges, the shares have debuted at Rs 1,050, at a premium of 82.6 percent over the issue price.

The MTAR Technologies issue constituted an issue size of 72,60,694 shares which received bids for 1,45,79,03,122 shares. The company had raised Rs 597 crore from investors. 

The company had launched its IPO constitutes of a fresh issue of 21.48 lakh shares along with an offer-for-sale of 82.24 crore shares. MTAR Technologies would be using the funds for making repayments meant for reducing the company’s existing borrowings. 

MTAR Technologies IPO details:

The engineering solutions company IPO is aiming to raise Rs 596 crore through its issue. The offer for sale amounts to Rs 472.90 crore and the fresh issue comprises of Rs 123.52 crores. 

MTAR Technologies has fixed the price band of the issue at Rs 574-575 per share for the upper-end of the issue with the face value of MTAR Technologies fixed at Rs 10 per share. 

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Foreign institutional investors in the issue include Nomura Funds Ireland, White Oak Capital, Goldman Sachs India, and Jupiter South Asia Investment. The book running lead managers of the issue are IIFL Securities and JM Financial. The registrar of the MTAR Technologies issue is KFintech Private Limited. 

The engineering solutions company develops equipment for nuclear energy, aerospace market, and defense segments. MTAR Technologies has clients such as include Bharat Dynamics, Power Corporation of India, Rafael Advanced Defense Systems, Bhabha Atomic Research Centre, and Defence Research and Development Organisation. 

Image Credit: Google



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