MTAR Tech IPO subscribed 200 times

New Delhi: The Rs 597-crore initial public offering of Hyderabad-based MTAR Technologies was subscribed more than 200 times on Friday, the final day of the bidding process on overwhelming support from investors. The IPO has received bids for 145.79 crore equity shares against an offer size of 72.6 lakh equity stocks, translating into a subscription of 200.79 times, data available on the exchanges showed.

The portion reserved for retail investors was subscribed 28.4 times, qualified institutional buyers category was subscribed 165 times and non-institutional category received 650.79 times subscription. MTAR Technologies, a precision engineering solutions company, on Tuesday raised Rs 179 crore from anchor investors. The IPO consists of a fresh issuance of up to 21,48,149 equity shares aggregating Rs 123.52 crore and an offer for sale of up to 82,24,270 equity shares worth up to Rs 473 crore by selling shareholders.

The price band has been fixed at Rs 574- 575 per equity share for the initial share-sale, which got fully subscribed on the first day of the issue itself on Wednesday. Proceeds from the fresh issue will be used to repay debt, fund long-term working capital requirements besides attending to general corporate purpose.