MTAR Technologies IPO Witnesses Strong Subscription On Day 1; Know All About It

On Wednesday, the IPO had investors putting in bids for 2.67 crore equity shares against the offered size of 72.60 lakh equity shares, subscribing 3.68 times.

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New Delhi: On the first day of share sale, MTAR Technologies' initial public offer (IPO) witnessed strong subscription. The IPO had investors putting in bids for 2.67 crore equity shares against the offered size of 72.60 lakh equity shares, subscribing 3.68 times on Wednesday.

Retail investors had put in bids 6.93 times against their reserved portion. The portion reserved for non-institutional investors was subscribed 1.02 times.

The IPO includes the fresh issue of 21,48,149 equity shares and an offer of 82,24,270 equity shares by promoters and investors. 

MTAR Technologies aims to raise Rs 600 crore by the closing date of its IP i.e. March 5. The price band was fixed at Rs 574-575 per share.

The company managed to receive Rs 180 crore from 15 anchor investors on Tuesday. JM Financial and IIFL Securities have been appointed as lead managers to the issue. Equity shares of MTAR Technologies will be listed on BSE and NSE.

For anchor investors, 31.11 lakh shares at Rs 575 per share were set aside. 

Applications in this regard can be made in a minimum lot size of 26 shares amounting total of Rs 14,950. Maximum 13 lots of 338 shares that cost Rs 1,94,350 can be bought by an investor.