Shares of MTAR Technologies made a strong debut on the bourses on Monday. The stock listed with a hefty premium of 85 percent at Rs 1,063.90 per share on the BSE as against the issue price of Rs 575 per share. On NSE, it was listed at Rs 1,050 apiece.

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In intra-day deals, it hit a high of Rs 1,110 per share on the BSE.

The IPO, which was open from March 3-5 was subscribed 201 times at a price band of Rs 574-575 per share. The public issue received a robust response from investors across all categories with qualified institutional buyers (QIBs) subscribing to their portion 165 times. Non-institutional investors subscribed their reserved portion 651 times and retail individual investors (RIIs) 28 times.

The public issue consists of a fresh issue of Rs 124 crore (21.48 lakh share) by the company and an offer for sale of Rs 473 crore (82.24 lakh shares) by promoters and investors.

The company already raised Rs 178.92 crore from 15 anchor investors including Nomura Funds Ireland, Jupiter South Asia Investment, White Oak Capital and Goldman Sachs India at Rs 575 per share.

Most brokerages had advised subscribing to the issue for listing gains as well as for long-term investment on the back of huge opportunities, good financials, the government's focus on the manufacturing sector, growing demand and rising investment in the space.

The Hyderabad-based precision engineering company manufactures critical and differentiated engineered products for nuclear, space and defence and clean energy and owns seven manufacturing facilities in Hyderabad, including an export-oriented unit.

(Edited by : Pranati Deva)

First Published:Mar 15, 2021 10:01 AM IST