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MTAR Technologies will use proceeds from the IPO to repay in part or full  ₹55 crore of  ₹62.16 crore of fund based borrowings as on 30 November, fund  ₹95 crore of long-term working capital requirements and to attend to general corporate purpose, its prospectus said.
MTAR Technologies will use proceeds from the IPO to repay in part or full 55 crore of 62.16 crore of fund based borrowings as on 30 November, fund 95 crore of long-term working capital requirements and to attend to general corporate purpose, its prospectus said.

MTAR Technologies files for 650 crore IPO

  • MTAR Technologies's IPO will be a fresh issue of up to 4 million shares and an offer for sale of up to 8.22 million shares of face value of 10 a share
  • MTar technologies has an order book of 356.50 crore as of 30 November

MUMBAI: MTAR Technologies Ltd has filed a draft red herring prospectus (DRHP) with the Securities Exchange Board of India for an initial public offering (IPO).

The Hyderabad based precision engineering solutions company is likely to raise approximately 600-650 crore.

The IPO will be a fresh issue of up to 4 million shares and an offer for sale of up to 8.22 million shares of face value of 10 a share.

The proceeds from the fresh issue will be used to repay in part or full 55 crore of 62.16 crore of its fund based borrowings as on 30 November, fund 95 crore of long-term working capital requirements and to attend to general corporate purpose, the prospectus said.

MTAR Technologies is engaged in the manufacturing and development of mission critical precision components with close tolerances and critical assemblies catering to nuclear, space, defense and clean energy sectors.

Currently, the firm operates out of 7 manufacturing facilities including an export-oriented unit located in Hyderabad, Telangana and has been servicing the defense, aerospace and energy sectors for more than 4 decades.

As on 30 November, their product portfolio includes 14 kinds of products in the nuclear sector, 6 kinds of products in the space and defense sectors, and 3 kinds of products in the clean energy sector and has a healthy mix of developmental and volume-based production.

As of 30 November, the company has an order book of 356.50 crore. Between fiscal year 18-20 the company’s total income and EBITA have grown at a CAGR of 16.56% and 37.80 %, respectively. As on the six months ended September 30, 2020, the revenue from domestic customers accounted for 47.29 % and exports stood at 52.71 % of its total revenues.

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