Demand Allocation across marquee names with 4 Foreign Portfolio Investors, 10 Mutual Funds and 1 Insurance Company
March 2, 2021: MTAR Technologies Limited (“MTAR”), a Hyderabad based precision engineering solutions company engaged in the manufacturing and development of mission critical precision components and critical assemblies catering to clean energy, nuclear and space and defense sectors, has raised Rs. 178.92 crore from 15 anchor investors a day prior to its Issue Opening. The company informed the bourses that it has allocated 3,111,725 shares at Rs. 575 per share on March 2, to the anchor investors.
Four Foreign Portfolio Investors who participated in the anchor were Nomura Funds Ireland, Jupiter South Asia Investment, White Oak Capital and Goldman Sachs India. Each of these investors were allocated 173,914 shares for approximately Rs 10 crs.
Amongst the domestic investors, SBI Mutual Fund and Axis Mutual Fund picked up the largest allocation of 13.67% each for approximately Rs 24.5 crs, 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.
Other domestic institutions who were allocated shares were – ICICI Prudential Mutual Fund, HDFC Mutual Fund, Aditya Birla Sunlife Mutual Fund, Kotak Mahindra Mutual Fund, Nippon India Mutual Fund, Franklin Templeton Mutual Fund, Sundaram Mutual Fund, Invesco Mutual Fund and Aditya Birla Sun Life Insurance – each of these institutions were allocated 173,914 shares for approximately Rs 10 crs across their various schemes.
JM Financial Limited and IIFL Securities Limited are the BRLMs to the Offer.
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. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders in accordance with the SEBI ICDR Regulations subject to valid Bids being received from them at or above the Offer Price.