MTAR Technologies IPO price band set at Rs 574-575; grey market premium set at 43 percent;

MTAR Technologies IPO price band set at Rs 574-575; grey market premium set at 43 percent. The IPO of MTAR Technologies, a precision engineering solutions firm based in Hyderabad. Similarly, the company is opening the bid on 3 March and closing on 5 March. The bid price range determined at Rs 574-575 per share. MTAR trades at a premium of Rs 245 per share on the non-office share exchange, says Abhay Doshi. A trader of non-listed shares. This means that the price band is 43% premium.

MTAR is preparing to increase the primary sector by Rs 597 crore. This involves a new issue of shares of Rs 124 pounds. And an opportunity to sell shares of Rs 473 pounds. Hence, the Firm has taken over the pre-IPO investment of 1,851,851 shares with Axis MF and SBI MF. Which aggregated to Rs 100 crore. Hence, 50 percent of the overall deals shall be made available for distribution to eligible institutional investors on a proportionate basis (QIBs). In addition, the non-institutional offerers and the remainder for private buyers would get at least 15 percent of the bid.

The major portfolio of MTAR Technology includes three renewable energy product categories;

However, the corporation plans to use net profits from the new issue to repay the company’s borrowings, to finance operating capital needs, and for general corporate purposes.

MTAR reported that on Tuesday 2 March it is going to collect capital from anchor investors. The main strength of the organization remains in its technical skills that have allowed the company to continually provide its customers with highly regarded strategic and core industries such as renewable energy and nuclear as well as space and defense, with high-precision assemblies and components. Moreover, the major portfolio of MTAR Technology includes three renewable energy product categories, 14 nuclear products, and six defense and space products.