Mumbai (Maharashtra) [India], February 25 (ANI): Hyderabad-based precision engineering solutions company MTAR Technologies will open the bid offer period in relation to its initial public offering of equity shares on March 3 and close on March 5.
The price band for offer has been decided at Rs 574 to 575 per equity share. The total IPO issue size is Rs 597 crore.
MTAR has undertaken a pre-IPO placement of 18.5 lakh equity shares aggregating to Rs 100 crore with Axis and SBI mutual funds.
The IPO is a fresh issuance of upto 21.4 lakh equity shares of Rs 10 face value aggregating up to Rs 124 crore and an offer for sale of up to 82.2 lakh equity shares aggregating up to Rs 473 crore.
The company proposes to utilise net proceeds from fresh issue towards repayments of borrowings, funding working capital requirements and for general corporate purposes.
JM Financial and IIFL Securities are appointed as book running lead managers to the issue.
MTAR's key strength lies in its engineering capabilities which has enabled it to offer quality complex precision manufactured assemblies and components to customers in highly-valued strategic and key sectors like clean energy, nuclear, and space and defence segments. (ANI)