The public issue of MTAR Technologies has been subscribed 145.45 times so far on the final day of bidding, March 5.
The reserved portions for retail and non-institutional investors have been subscribed 26.64 times and 468.53 times, respectively. The portion set aside for qualified institutional buyers witnessed a subscription of 125.04 times.
The Rs 596-crore public offer has received bids for 108.5 crore equity shares against the issue size of over 72.60 lakh equity shares, the subscription data available on the exchanges showed.
MTAR Technologies mopped up Rs 179 crore through anchor book on March 2, hence the issue size has been reduced to 72.60 lakh equity shares from over 1.03 crore shares.
The public issue comprises a fresh issue of Rs 123 crore and an offer for sale of Rs 473 crore by promoters and investors.
The company will utilise fresh issue proceeds for debt repayment and working capital requirements. The price band for the issue has been fixed at Rs 574-575 per share.
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"At upper end of the price band, this issue is trading at a P/E of 56.5x and an EV/EBITDA of 30.6x as on FY20 earnings," said Prabhudasl Lilladher which recommended a subscribe rating on MTAR Technologies IPO.
The brokerage sees reasonable listing gains.
Prabhudas Lilladher believes MTAR's past experience in supplying products, ability to meet customer-specific technical requirements, reputation of quality and safety features in their products, good financial strength and price competitiveness will help company leverage its operating efficiencies in the coming years.
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MTAR Technologies is a leading precision engineering solutions company engaged in the manufacturing of mission critical precision components with close tolerances, and in critical assemblies, to serve projects of high national importance. It primarily serves customers in the nuclear, space & defence, and clean energy sectors.