MTAR Technologies makes a stellar debut in stock markets, lists at 85% premium over issue price on BSE

The scrip got listed at Rs 1,063.90 apiece on the BSE, thereby registering a rise of 85.03 per cent from its offer price of Rs 575. On the NSE, it opened at Rs 1,050.00, up 82.61 per cent from the issue price. The stock however continued to rally and hit a high Rs 1,154.00 on BSE and Rs 1,154.90 on the NSE during its first hour of trade on the first day.

Over 93.49 lakh shares of MTAR Technologies were traded on the NSE during the first hour of trade, while over 11.21 lakh shares exchanged hands on the BSE, data from the respective stock exchanges showed.

The Rs 597 crore IPO of MTAR Technologies met a robust demand during its offer period from March 3-5. The issue was oversubscribed within a few hours on the first day of opening and was eventually subscribed a whopping 200.79 times on the final day.

The qualified institutional buyers (QIBs) category was subscribed 164.99 times, non institutional investors a staggering 650.79 times and retail individual investors (RIIs) 28.40 times.

The Hyderabad-based firm has precision engineering capabilities to build nuclear and pressurized water reactors, aerospace engines, missile systems, aircraft components and many such other critical components and assemblies.

MTAR Technologies works with clients like the Indian Space Research Organization (ISRO), Defence Research and Development Organization (DRDO), Nuclear Power Corporation of India Ltd and US-based Bloom Energy Corp, besides catering to other well-known establishments like Bharat Dynamics and Hindustan Aeronautics (HAL).

Before the beginning of the IPO, it saw Rs 178.92 crore come from 44 anchor investors on March 2.

MTAR Technologies currently operates out of seven manufacturing facilities, including an export-oriented unit located in Hyderabad, Telangana, and has been servicing the defense, aerospace and energy sectors for more than four decades.