MTAR Technologies made a blockbuster debut on the bourses this morning. The shares listed at listed at Rs 1,063.90 on BSE, a 85.03 per cent premium over its issue price of Rs 575. On the NSE, the stock debuted at Rs 1,050, a premium of 82.6 per cent.
MTAR Technologies' initial public offering (IPO) had received an overwhelming response from the investors. The IPO was subscribed 200.79 times, receiving total bids for 145.79 crore shares as against 72.60 lakh shares on offer.
Ahead of the MTAR Technologies IPO the company had raised Rs 179 crore from 15 anchor investors which included marquee foreign investors such as Nomura Funds, Ireland Public Limited Company, Jupiter South Asia Investment Company, White Oak Capital and Goldman Sachs.
The company will use the IPO proceeds for repayments of borrowings, funding working capital requirements and for general corporate purposes.
MTAR Technologies was incorporated in Hyderabad in the year 1999. It manufactures equipment for the aerospace, defence and nuclear energy sectors and is a leading player in the precision engineering industry.