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MTAR Technologies likely to finalise IPO share allocation next week; here's how to check

The company will initiate the process of refunds (if any, for anchor investors) as well as unblocking of funds from the ASBA account on March 12. The equity shares will get credited to depository accounts of eligible allottees around March 15

March 06, 2021 / 01:32 PM IST
 
 
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After a stellar response from investors to the maiden public offer, MTAR Technologies is likely to finalise its IPO share allotment in the coming week. It was the first IPO in March this year.

The Rs 596-crore public issue was subscribed 200.79 times during March 3-5, the second-highest subscription among companies that raised more than Rs 100 crore in the last five years.

The reserved portion of qualified institutional investors was subscribed 164.99 times and that of non-institutional investors 650.79 times, while the retail portion was subscribed 28.4 times.

MTAR Technologies, which primarily serves customers in the clean energy, nuclear and space and defence sectors, is expected to finalise the IPO share allocation on March 10, as per the schedule available in its prospectus.

Investors can check the allotment status on the registrar's website. Follow these steps:

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1) Select MTAR Technologies Limited in the dropdown;
2) In case you use the Application Number option, select ASBA/NON-ASBA in the dropdown and enter Application Number,
In case you use DPID/Client ID option, select NSDL/CDSL and enter DPID as well as Client ID,
In case of PAN Number option, enter PAN Number;

3) Finally Enter Captcha available in digits and click Submit to know the allotment status.

One can also check the allotment status on the BSE Website. Select Issue Type - Equity, Select Issue Name - MTAR Technologies Ltd, Enter Application Number and PAN Number, and Click on the Search button to know the application status.

The company will initiate the process of refunds (if any, for anchor investors) as well as unblocking of funds from the ASBA account on March 12. The equity shares will get credited to depository accounts of eligible allottees around March 15. The equity shares will start available for trading from March 16 onwards.

The public issue comprised a fresh issue of Rs 123.5 crore and an offer for sale of Rs 473 crore by promoters and investors. Promoters will receive Rs 135.12 crore, while investors Fabmohur Advisors LLP will get Rs 332.6 crore and P Simhadri Reddy Rs 5.175 crore through the offer for sale.

The fresh issue along with pre-IPO placement funds will be utilised for debt repayment and working capital requirements.

The final issue price is expected to be fixed at the higher end of the price band of Rs 574-575 per share. The company raised Rs 179 crore from anchor investors before the day of the opening issue, at the higher end of the price band.

MTAR Technologies is a leading precision engineering solutions company engaged in the manufacture of mission-critical precision components with close tolerances (5-10 microns), and in critical assemblies, to serve projects of high national importance.

The company believes in its engineering capability which evolved over decades and has enabled it to consistently offer quality complex precision manufactured components and assemblies, within stipulated timelines and at a reasonable cost in most cases.
Moneycontrol News
first published: Mar 6, 2021 01:32 pm

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