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MTAR Technologies share closes 88% higher on market debut

MTAR Technologies share closed  88.26% or Rs 507 higher at Rs 1,082 against IPO issue price of Rs 575 on NSE. Market cap of the firm stood at Rs 3,329 crore.

twitter-logoBusinessToday.In | March 15, 2021 | Updated 18:08 IST
MTAR Technologies share closes 88% higher on market debut
MTAR Technologies share made a strong listing in an otherwise weak market. The stock listed at a premium of 85.03 per cent to its IPO issue price on BSE.

Share of MTAR Technologies ended 88% higher on its market debut today. The stock of Hyderabad-based firm closed  88.26% or Rs 507 higher at Rs 1082 against IPO issue price of Rs 575 on NSE. Market cap of the firm stood at Rs 3,329 crore.

Total 1.49 crore shares of the firm changed hands on NSE. Earlier, the share listed at a price of Rs 1,050 on NSE today. On BSE, the stock closed 88.22% higher at Rs 1082.25 today.  Market cap of the firm stood at Rs 3,328 crore. The share made its debut at Rs 1,063.90 on BSE against IPO issue price of Rs 575.

Total 16.30 lakh shares of the firm changed hands on NSE.

MTAR Technologies makes strong market debut, lists at 85% premium over issue price

Earlier in the day, MTAR Technologies share made a strong listing in an otherwise weak market. The stock listed at a premium of 85.03 per cent to its IPO issue price on BSE. On National Stock Exchange, MTAR Technologies stock listed at Rs 1,050, a premium of 82.6 per cent over the issue price.

MTAR Technologies launched its initial public offering (IPO) on March 3. The share sale was the ninth public offer in the current calendar year after Indian Railway Finance Corporation, IndiGo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India and Heranba Industries.

The IPO closed on March 5. The precision engineering solutions company raised up to Rs 600 crore from the IPO.

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Price band for the IPO was fixed at Rs 574-575 per share. The IPO comprised fresh issue of 21,48,149 equity shares and an offer for sale of 82,24,270 equity shares by promoters and investors. 

The IPO received was subscribed over 200 times on its last day as it received bids for 145.79 crore equity shares against an offer size of 72.6 lakh shares. The firm raised Rs 179 crore from anchor investors ahead of market listing. JM Financial and IIFL Securities were the book running lead managers to the issue.

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