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MTAR Technologies IPO: Check opening date, price band, issue size, other details

MTAR Technologies IPO to open on March 3: The Hyderabad-basedcompany aims to raise up to Rs 600 from the three-day IPO which closes on March 5

twitter-logoBusinessToday.In | February 24, 2021 | Updated 17:37 IST
MTAR Technologies IPO: Check opening date, price band, issue size, other details
MTAR Technologies set IPO price band in the range of Rs 574 to Rs 575

MTAR Technologies' initial public offering (IPO) will open for subscription on March 3, 2021. The Hyderabad-based precision engineering solutions company aims to raise up to Rs 600 from the IPO, which closes on March 5. The price band for the IPO is Rs 574-575 per share, as per report.

According to draft herring prospectus filed with capital markets regulator Sebi, the IPO comprises of a fresh issue of 21,48,149 equity shares and an offer for sale of 82,24,270 equity shares by promoters and investors.

JM Financial and IIFL Securities have been appointed as the book-running lead managers to the issue.

MTAR Techn, backed by Mathew Cyriac, the former India private equity co-head of Blackstone, intends to use net proceeds from its fresh issue and pre-IPO placement to repay debt, fund long-term working capital requirements besides attending to general corporate purpose.

This is going to be the ninth IPO since the beginning of this year after Indian Railway Finance Corporation, RailTel Corporation of India, Indigo Paints, Home First Finance Company, Nureca, Stove Kraft, Brookfield India REIT and Heranba Industries.

The company has reported net profit of Rs 31.32 crore for the financial year ended March 31, 2020. The 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 capabilities to build nuclear and pressurised water reactors, aerospace engines, missile systems, aircraft components, and many other critical components and assemblies. It operates out of 7 manufacturing facilities, including an export-oriented unit located in Hyderabad, Telangana, and has been servicing the defence, aerospace and energy sectors for more than four decades.

The company works with clients like Indian Space Research Organization, Defence Research and Development Organisation, Nuclear Power Corporation of India and US-based Bloom Energy Corp, besides catering to other well-known establishments like Bharat Dynamics and Hindustan Aeronautics.

Also read: Heranba Industries IPO subscribed 84% on day 1

Also read: RailTel IPO shares allocation today: How and where to check status

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