MTAR Technologies IPO News: Check allotment status finalisation, listing date and how to check share subscription

MTAR Technologies IPO News: MTAR Technologies, a precision engineering solutions company, had already raised Rs 179 crore from anchor investors ahead of its share-sale, which opened for public subscription on Wednesday. Here is all you need to know about MTAR Technologies IPO allotment status finalisation date, listing date and how to check share subscription:-

MTAR Technologies IPO allotment status finalisation date: Likely to be on 10th March 2021

MTAR Technologies IPO listing date:  Likely to be on 16th March 2021

How to check MTAR Technologies IPO allotment status share subscription:  How to check on BSE WEBSITE bseindia.com:-

Step 1 - Go to link - https://www.bseindia.com/investors/appli_check.aspx

Step 2 - Select Equity

Step 3 - Select Issue Name (MTAR Technologies IPO)

Step 4-  Enter Application Number as well as PAN

Step 5 - Click on search button to know the MTAR Technologies IPO Share Allotment Subscription Status

MTAR Technologies IPO: All you need to know

- A total of 31,11,725 shares have been allocated to 15 anchor investors at Rs 575 apiece, which is the upper end of the price band. At this price, the company garnered Rs 179 crore, according to a circular uploaded on the BSE website.

- Nomura Funds Ireland Public Limited Company, Jupiter South Asia Investment Company, White Oak Capital and Goldman Sachs India are foreign portfolio investors that have been allocated shares in the anchor book.

- In addition, domestic institutional investors who were allocated shares are SBI Mutual Fund (MF), Axis MF, ICICI Prudential MF, HDFC MF, Birla Sunlife MF, Kotak Mahindra MF, Nippon India MF, Franklin Templeton MF, Sundaram MF, Invesco MF and Birla Sun Life Insurance.

- SBI MF and Axis MF had also invested Rs 70 crore and Rs 30 crore respectively in a pre-IPO round concluded last month.

- According to merchant banking sources, there was a bid demand of over Rs 3,000 crore against the book size of only Rs 179 crore. Overall, 25 bidders participated but shares were allocated to 15.

- The IPO consists of a fresh issuance of up to 21,48,149 equity shares aggregating Rs 124 crore and an offer for sale of up to 82,24,270 equity shares worth up to Rs 473 crore by selling shareholders.

- The price band has been fixed at Rs 574- 575 per equity share for the initial share-sale, which would be open for public subscription during March 3-5.

- Proceeds from the fresh issue will be used to repay debt, fund long-term working capital requirements besides attending to general corporate purpose.

- The Hyderabad-based company has precision engineering capabilities to build nuclear and pressurized water reactors, aerospace engines, missile systems, aircraft components and many such other critical components and assemblies.

-MTAR currently operates out of seven manufacturing facilities, including an export-oriented unit located in Hyderabad, Telangana, and has been servicing the defense, aerospace and energy sectors for more than four decades.

- The company works with clients like Indian Space Research Organization, Defence Research and Development Organization, Nuclear Power Corporation of India Ltd and US-based Bloom Energy Corp, besides catering to other well-known establishments like Bharat Dynamics and Hindustan Aeronautics.
JM Financial and IIFL Securities are the book running lead managers to the issue.