Current Latest News

MTAR Tech IPO: MTAR Tech raises Rs 179 crore from 15 anchor investors

MUMBAI: Hyderabad based precision engineering solutions company MTAR Technologies has raised Rs. 180 crores from 15 anchor investors ahead of its initial public offer (OFS) which will open for subscription on Wednesday. The company has allocated 31.11 lakh shares at Rs. 575 per share on March 2, to the anchor investors.

The anchor book, according to bankers, received a demand of Rs 3,500 crore from 35 institutions as against the book size of Rs 180 crore.

Investors who participated in the anchor were Nomura Funds Ireland, Jupiter South Asia Investment, White Oak Capital, Goldman Sachs Asset Management and domestic mutual funds such as SBI, Axis, ICICI, HDFC, Birla Sunlife, Kotak Mahindra, Nippon India, Franklin Templeton, Sundaram, Invesco.

SBI Mutual Fund and Axis Mutual Fund picked up the largest allocation of 13.67% each for approximately Rs 24.5 cr, across their various schemes. SBI MF and Axis MF have also invested Rs 70 crs and Rs 30 crs respectively in a Pre-IPO round concluded last month.

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 issue will open for subscription on Wednesday, March 3 and close on Friday, March 5, 2021

The Offer is being made through the Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers.

Source link

Related posts

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy