MTAR Technologies’ IPO offer will open for subscription on March 3 and close on March 5. The IPO price band is Rs 574-575 and the company has a target to raise Rs 596.4 crore. Investors can bid for a minimum of 26 equity shares and in multiples of 26 shares. The initial public offering comprises a fresh issue of 21,48,149 equity shares by the company and an offer for sale of 82,24,270 equity shares by promoters and investors. The company will use the proceeds from the fresh issue and pre-IPO placement to repay debts and meet working capital requirements.
Price band is Rs 574-575
Minimum bid: 26 equity shares and in multiples of 26 shares
Opens on: March 3
Closes on: March 5
This would be the ninth public offer in this 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.
MTAR Technologies is a Hyderabad-based leading player in the precision-engineering industry engaged in the manufacturing of mission-critical precision components. It serves customers in the clean energy, nuclear, space, and defense sectors, and clients include ISRO, Rafael, DRDO, and NPCIL.
Some of the promoters who will sell their shares include P Leelavathi (4,50,000 equity shares through an offer for sale), Parvat Srinivas Reddy (3 lakh shares), A Manogna (3 lakh shares), G Kavitha Reddy (3 lakh shares), Saranya Loka Reddy (3 lakh shares), K Shalini (2.25 lakh shares), C Usha Reddy (2 lakh shares), D Anitha Reddy (1.25 lakh shares) and Kalpana Reddy (1,49,970 shares). Among investors, Fabmohur Advisors LLP and P Simhadri Reddy will also sell 57,84,300 equity shares and 90,000 shares, respectively, through the offer for sale route.