MTAR Technologies, a Hyderabad-based precision engineering solutions company, has raised Rs 178.92 crore from anchor investors on March 2, ahead of its initial public offering (IPO), slated to open on March 3.
The company informed exchanges that it has finalised allocation of 31,11,725 equity shares at Rs 575 per share to anchor investors including four foreign portfolio investors and 10 mutual funds.
The marquee names among foreign portfolio investors, who participated in the anchor book, were Goldman Sachs India, Jupiter South Asia Investment and Nomura Funds Ireland. These investors received 1,73,914 equity shares for Rs 10 crore each.
Among the domestic investors, SBI Mutual Fund, Axis Mutual Fund, Nippon Life India Trustee, Franklin India, Sundaram Mutual Fund, ITPL, Aditya Birla Sun Life, HDFC Trustee, ICICI Prudential and Kotak MF received shares worth Rs 128.9 crore in the anchor book. SBI MF and Axis MF also invested Rs 70 crore and Rs 30 crore, respectively in a pre-IPO round that concluded last month, the press statement said.
MTAR Technologies IPO: 10 things you should know before the issue opens
The Rs 597-crore public issue comprises a fresh issue of 21,48,149 equity shares and an offer for sale (OFS) of 82,24,270 equity shares by promoters and investors. The issue will close on March 5.
The price band of the issue has been fixed at Rs 574- Rs 575 per share. The company will utilise fresh issue proceeds for debt repayment and working capital requirements.
JM Financial and IIFL Securities are the book running lead managers of the offer.