Hyderabad, Feb 25 (UNI) MTAR Technologies, 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, on Thursday announced it has set a price band of Rs 574-Rs 575 per equity share for its initial Public offering (IPO) of equity shares.

The IPO will open on March 3 and close on Friday, the company said during a press conference held virtually.

MTAR has, in consultation with the Book Running Lead Managers, undertaken a Pre-IPO Placement of 1,851,851 Equity Shares, aggregating to Rs. 100 crore with Axis and SBI mutual funds.

The IPO is a fresh issuance of up to 21,48,149 equity shares, of Rs 10 face value, aggregating up to Rs 124 crore and an Offer for sale of up to 8,224,270 equity shares aggregating up to Rs 473 crore, of face value of Rs 10 each, by Selling Shareholders.

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards repayments of borrowings by the Company, funding working capital requirements and for general corporate purposes.

The Company’s key strength lies in its engineering capabilities which has enabled it to consistently offer quality complex precision manufactured assemblies and components to its customers in highly-valued strategic and key sectors like clean energy, nuclear, and space and defense segments.

MTAR Technologies’ key portfolio comprises three kinds of products in the clean energy sector, 14 kinds of products in the nuclear sector and six kinds of products in the space and defence sectors.

Delivery of complex products with stringent quality requirements within stipulated timelines in majority of cases has earned MTAR a long-standing relationship with its customers such as Nuclear Power Corporation of India Limited (“NPCIL”), the Indian Space Research Organisation (“ISRO”), the Defence Research and Development Organisation (“DRDO”), and Bloom Energy (USA).

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