MTAR Technologies’ IPO oversubsribed nearly three times on opening day; bids for 2.17 crore shares placed – Business News , Firstpost

While retail traders led the cost inserting bids 5.66 times the portion reserved for them, the portion reserved for non-institutional traders has 76% subscription

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The Rs 596 crore preliminary public providing (IPO) by Hyderabad-based MTAR Technologies was over-subscribed nearly three times the problem measurement inside hours of opening for bids by public traders on Monday, reviews stated.

The retail funding portion of the problem, which can stay obtainable for subscription until 5 March, was subscribed 2.99 times, in accordance with the info by National Stock Exchange, a report in stated.

The IPO has obtained bids for 2.17 crore fairness shares towards the provided measurement of 72.60 lakh fairness shares, in accordance with the info obtainable on the exchanges.

While retail traders led the cost inserting bids 5.66 times the portion reserved for them, the portion reserved for non-institutional traders has been subscribed 76 %, the report added.

A report in LiveMint stated that certified institutional patrons haven’t began placing bids in simply but.

The shares of the precision engineering firm have been priced within the vary of Rs 574-575 per share.

A recent concern of 21.48 lakh fairness shares by the corporate and a proposal for sale (OFS) of 82.24 lakh fairness shares by promoters and shareholders is a part of the IPO. A most of 13 a number of 338 shares amounting to Rs 1,94,350 could be purchased by an investor.

On Tuesday, the firm had raised Rs 180 crore with the assistance of 15 anchor traders and allotted 31.11 lakh shares to them at Rs 575/share. Among the 15 traders had been large names of the enterprise world like Goldman Sachs, Ireland Public Limited Company and Nomura Funds. Kotak Mahindra MF, ICICI Prudential MF, Sundaram MF and SBI Mutual Fund are among the home institutional traders who had been assigned shares.

Reportedly, within the pre-IPO spherical, which was held final month, SBI MF had invested Rs 70 crores whereas Axis MF had invested Rs 30 crores.

The proceeds from the recent concern might be utilized by the corporate to repay the borrowings and for funding capital necessities.

MTAR Technologies manufactures engineered merchandise for completely different sectors like clear vitality segments, defence, house and nuclear. The firm owns an export-oriented unit among the many seven manufacturing services within the metropolis of Hyderabad.

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