MTAR Technologies Ltd. Public Offering of Equity Shares opening on March 3, 2021
MTAR Technologies Ltd. Public Offering of
Equity Shares opening on March 3, 2021
·
Price Band of Rs.
574 – Rs. 575 per equity share of face value of Rs. 10 each (“Equity Share”)
·
Bid/Offer Opening
Date – Wednesday, March 3, 2021 and Bid/Offer Closing Date – Friday, March 5,
2021
·
Minimum Bid Lot
is 26 Equity Shares and in multiples of 26 Equity Shares thereafter
·
The Floor Price
is 57.40 times the Face Value of the Equity Shares and the Cap Price is 57.50 times
the Face Value of the Equity Shares.
Mumbai, February 25, 2021: MTAR Technologies, a Hyderabad based
precision engineering solutions company engaged in the manufacturing and development
of mission critical precision components and critical assemblies catering to clean
energy, nuclear and space and defense sectors, will
open the Bid/Offer period in relation to its initial public offering of Equity
Shares (the “Offer”/ “IPO”) on Wednesday, March 3, 2021 and close
on Friday, March 5, 2021. The price band for the Offer has been decided at Rs. 574
– Rs. 575 per Equity Share. The Company and the Selling
Shareholders may, in consultation with the book running lead managers (the “BRLMs”),
consider participation by Anchor Investors which shall be one Working Day prior
to the Bid/Offer Opening Date, i.e. Tuesday, March 2, 2021. MTAR has, in
consultation with the Book Running Lead Managers, undertaken a Pre-IPO
Placement of 1,851,851 Equity Shares, aggregating to Rs. 100 cr with Axis and
SBI mutual funds.
The IPO is
a fresh issuance of upto 21,48,149 equity shares,
of Rs 10
face value, aggregating up to 124 Cr
and an Offer for sale of up to 8,224,270 equity
shares aggregating up to Rs 473 cr, of face value of Rs 10 each, by Selling
Shareholders. The Company proposes to utilise the Net
Proceeds from the Fresh Issue towards repayments of borrowings by the Company,
funding working capital requirements and for general corporate purposes.
The
Company’s key strength lies in its engineering
capabilities which has enabled it to consistently offer quality complex
precision manufactured assemblies and components to its customers in
highly-valued strategic and key sectors like clean energy, nuclear, and space
and defense segments. MTAR Technologies’ key portfolio comprises of three kinds
of products in the clean energy sector, 14 kinds of products in the nuclear
sector and six kinds of products in the space and defence sectors. Delivery of
complex products with stringent quality requirements within stipulated
timelines in majority of cases has earned MTAR a long-standing relationship with
its customers such as Nuclear Power Corporation of India Limited (“NPCIL”), the
Indian Space Research Organisation (“ISRO”), the Defence Research and
Development Organisation (“DRDO”), and Bloom Energy (USA).
JM Financial and IIFL Securities are
appointed as the BRLMs to the Issue.
The Offer is
being made through the Book Building Process and in compliance with Regulation
6(1) of the Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations wherein not more than 50% of the Net Offer
shall be available for allocation on a proportionate basis to Qualified
Institutional Buyers (“QIBs”, the “QIB Portion”). Further, not
less than 15% of the Offer shall be available for allocation on a proportionate
basis to Non-Institutional Bidders and not less than 35% of the Offer shall be
available for allocation to Retail Individual Bidders in accordance with the
SEBI ICDR Regulations subject to valid Bids being received from them at or
above the Offer Price.
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