MTAR Tech subscribed 10.27 times

Mumbai: Hyderabad-based MTAR Technologies, a precision engineering solutions company engaged in the manufacturing and development of mission critical precision components and critical assemblies; received bids of 7,45,58,536 shares against the offered 72,60,694 equity shares, as per the data available on the bourses. The portion reserved for Retail category was subscribed 16.55 times. While the Qualified Institutional Buyer category was subscribed 0.96 times, the Non-Institutional Investor category was subscribed at 8.04 times.

The total size of the offer is Rs 597 crore at the upper price band of Rs 575 per share

The offer consists of a fresh issuance of equity shares aggregating up to 124 crore and an Offer for sale of equity shares aggregating up to Rs 473 crore; of face value of Rs 10 each. The minimum bid lot is of 26 equity shares, thereafter in multiples.

The price band has been fixed at Rs 574 – Rs 575 per Equity Share. Prior to the IPO opening the company raised Rs 100 crore via a pre IPO placement to SBI MF and Axis Mutual Fund.

JM Financial and IIFL Securities are appointed as the BRLMs to the Issue.