MTAR Technologies files for 650 crore IPO
According to the DRHP filed, the IPO is a fresh issuance of up to 40,00,000 shares and an offer for sale of up to 82,24,270 shares from promoter and investor selling shareholders aggregating up to 12,224,270 equity shares of face value of Rs 10 each.
Updated On - 19 December 2020, 09:25 PM
Hyderabad: Hyderabad-based MTAR Technologies, a precision engineering solutions company engaged in the manufacturing and development of mission critical components with close tolerances and critical assemblies catering to nuclear, space, defence, and clean energy sectors has filed its DRHP to raise approximately Rs 600-650 crore.
According to the DRHP filed, the IPO is a fresh issuance of up to 40,00,000 shares and an offer for sale of up to 82,24,270 shares from promoter and investor selling shareholders aggregating up to 12,224,270 equity shares of face value of Rs 10 each.
MTAR currently operates seven manufacturing facilities including an export-oriented unit located in Hyderabad. The company has precision engineering capabilities to build nuclear and pressurised water reactors, aerospace engines, missile systems, aircraft components and many such other critical components and assemblies.
The company is a partner to Indian Space Research Organization, Defense Research and Development Organization, Nuclear Power Corporation of India Limited and US Based, Bloom Energy Inc besides catering to some other well-known establishments like Bharat Dynamics, Hindustan Aeronautics.
Within the space sector, the company has supplied liquid propulsion engines to PSLV – C25, PSLV-C49, GSLV Mark VII for the Mars Orbiter Mission Spacecraft, Mangalyaan; Chandrayaan Mission and the recently launched Earth Observation Satellite EOS-01.
As on November 30, 2020 the aggregate order book of the company stood at Rs 356.50 crores.
Between FY18-20 the company’s total income and EBITA have grown at a CAGR of 16.56 per cent and 37.80 per cent respectively. It is in the process of establishing a sheet metal facility in Adibatla and is also planning to construct and additional shed for specialised fabrication work for domestic and international customers.
The net proceeds from the fresh issue will be used to repay in part or full Rs 55 crore of Rs 62.16 crore of the fund based borrowings as on November 30, fund Rs 95 crore of long-term working capital requirements besides attending to general corporate purpose.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.
Click to follow Telangana Today Facebook page and Twitter .