MTAR to launch IPO on March 3, to raise Rs 600 crore
The price band for the offer has been decided at Rs 574 - Rs 575 per equity share.
Hyderabad: MTAR Technologies, a Hyderabad-based precision engineering solutions company engaged in the manufacturing and development of mission critical precision components and critical assemblies catering to clean energy, nuclear and space and defense sectors, will open the bid/offer period in relation to its initial public offering of equity shares on March 3, 2021 and close on March 5, 2021.
The price band for the offer has been decided at Rs 574 – Rs 575 per equity share. MTAR has, in consultation with the Book Running Lead Managers, undertaken a pre-IPO placement of 1,851,851 equity shares, aggregating to Rs 100 crore with Axis and SBI mutual funds.
The IPO is a fresh issuance of up to 21,48,149 equity shares, of Rs 10 face value, aggregating up to Rs 124 crore and an offer for sale of up to 8,224,270 equity shares aggregating up to Rs 473 crore, of face value of Rs 10 each, by selling shareholders. The company proposes to utilise the net proceeds from the fresh issue towards repayments of borrowings by the company, funding working capital requirements and for general corporate purposes.
The company has presence in highly-valued strategic and key sectors such as clean energy, nuclear, and space and defense segments. MTAR Technologies’ key portfolio comprises of three kinds of products in the clean energy sector, 14 kinds of products in the nuclear sector and six kinds of products in the space and defence sectors.
Delivery of complex products with quality requirements within stipulated timelines in majority of cases has earned MTAR a long-standing relationship with its customers such as Nuclear Power Corporation of India, the Indian Space Research Organisation, the Defence Research and Development Organisation and Bloom Energy (USA).
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