MTAR Technologies plans to launch IPO on 3rd March

The 1,03,72,419 equity shares public issue will close for subscription on 5th March. On the other hand, the anchor book, if any, will open for a day on 2nd March.

The initial public offering comprises a fresh issue of 21,48,149 equity shares by the company and an offer for sale of 82,24,270 equity shares by promoters and investors.

The offer for sale includes 4,50,000 equity shares by P Leelavathi, 3 lakh shares by Parvat Srinivas Reddy, 1,49,970 shares by P Kalpana Reddy, 3 lakh shares by Saranya Loka Reddy, 2 lakh shares by C Usha Reddy, 3 lakh shares by G Kavitha Reddy, 1.25 lakh shares by D Anitha Reddy, 2.25 lakh shares by K Shalini and 3 lakh shares by A Manogna, which are altogether the promoter selling shareholders.

Investors Fabmohur Advisors LLP and P Simhadri Reddy will sell 57,84,300 equity shares and 90,000 shares by the offer for sale.

The company and selling shareholders with the advice of merchant bankers will decide the price band and the minimum bid batch later this week.

MTAR Technologies had, with the guidance of book running lead managers, undertaken a pre-IPO placement of 18,51,851 equity shares, amounting to a total of Rs 100 crore. According to this, the categorization of the fresh issue of up to 40,00,000 equity shares (earlier) has now been reduced by 18,51,851 equity shares to 21,48,149 shares.

It is a top-tier engineering solutions company that offers accurate solutions which occupy the manufacture of mission compartments with close tolerances (5-10 microns), and in critical assemblies, to work for projects of extreme national importance, using precision machining, assembly, testing, quality control, and specialized fabrication competencies, few of which have been indigenously developed and manufactured.