MTAR Tech subscribed nearly 10x on penultimate day

Hyderabad-based precision engineering firm MTAR Technologies had recorded nearly 10x subscription to its IPO, as on the penultimate day. The 7.3-million-share offering has seen bids for close to 69 million shares. Most of the bids so far have come from retail investors.

MTAR’S ~596-crore listing comprises a fresh fundraise of ~123 crore, and secondary share sale worth ~473 crore. At the upper end of the IPO price band of ~574-575 a share, MTAR will have a market cap of ~1,770 crore on a post-issue basis.