IPO News

MTAR Technologies to launch it’s IPO on March 3

Hyderabad-based MTAR Technologies will launch its initial public offering on March 3 and remain open till March 5.

Moreover, the issue is open for anchor investors today as per reports.

The precision engineering company seeks to raise Rs 597 crore from the primary market.

However, it is the ninth public offer in the current calendar year after Indian Railway Finance Corporation and IndiGo Paints.

This also includes Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India and Heranba.

The key pointsto keep in mind about the company’s IPO are the following:

  • MTAR Technologies has fixed the price band of its IPO at Rs 574-575.
  • The company’s IPO includes a fresh issue of 21,48,149 equity shares.

Moreover, offer for sale is worth 82,24,270 equity shares from promoters and investors.

  • MTAR proposes to utilise net proceeds from the fresh issue towards repayments of borrowings by the company.
  • The funding is for working capital requirements and for general corporate purposes.
  • BSE and National Stock Exchange will list equity shares of MTAR Technologies.
  • Investors can subscribe to the initial public offering by betting for a lot of 26 shares or in multiples thereof.
  • Retail investors can bid for a maximum of 13 lots.
  • Mathew Cyriac backed MTAR Technologies recorded a net profit of Rs 31.32 crore for financial year ended March 31, 2020.
  • Total revenue of the company stood at Rs 218.14 crore, while total assets were at Rs 305.16 crore in FY20.
  • MTAR has precision engineering potential to develop nuclear and pressurised water reactors, aerospace engines and missile systems.
  • The promoters are Parvat Srinivas Reddy, P Leelavathi, K Shalini, D Anitha Reddy and C Usha Reddyamong others.

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