IPO News

MTAR Technologies ready to launch IPO on March 3

MTAR Technologies, a precision engineering solutions company is set to launch an initial public offering (IPO) on March 3.

The IPO will remain open for subscription for 3 days till March 5.

However, the company has a fixed a price band of Rs.574-575 per share for its initial public offer.

It is aiming to raise up to Rs.600 from the three-day initial share-sale.

As per reports, BSE and NSE will list the shares of the company.

Moreover, the Hyderabad-based MTAR Technologies manufactures equipment for the defence, aerospace and nuclear energy sectors.

Further, the initial public offering consists of fresh issue of 21,48,149 equity shares from the company

The IPO also includes offer for sale amounting to 82,24,270 equity shares from promoters and investors.

Investors Fabmohur Advisors LLP and P Simhadri Reddy will sell 57,84,300 equity shares and 90,000 shares via offer for sale.

MTAR Technologies specializes in the manufacture of mission critical precision components and in critical assemblies.

This is to serve projects of high national importance, through precision machining, assembly, testing, quality control, and specialized fabrication competencies.

It will employ net proceeds from its fresh issue and pre-IPO placement to repay debt and for working capital requirements.

The company’s IPO is the ninth public offer since this year’s beginning after Indian Railway Finance Corporation, and Indigo Paints.

Others include Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India and Heranba Industries.

JM Financial and IIFL Securities are the books running lead managers to the issue.

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