The ₹600 crore IPO of defence components maker MTAR is slated for next week — price band set at ₹574-575 per share

• The ₹600 crore initial public offering (IPO) of MTAR Technologies is set to hit the capital markets on March 3.
• The company is backed by Mathew Cyriac, the former co-head of private equity firm Blackstone, who is the nominee director of the company.
• It makes a wide range of products that meet the country’s nuclear, defence, and space sector's varied requirements.
• ISRO, NPCIL, DRDO, Bloom Energy, Rafael are some of the clients.

The ₹600 crore initial public offering (IPO) of defence components maker MTAR Technologies is set to hit the capital markets on March 3.

The Hyderabad-based company has fixed the price band of the issue at ₹574-575 per share. The issue will remain open for subscription till March 5 and comprises a fresh issue of 21.48 lakh equity shares by the company and an offer for sale (OFS) of 82.24 lakh equity shares by promoters and shareholders.

The company is backed by Mathew Cyriac, the former co-head of private equity firm Blackstone, who is the nominee director of the company.

Incorporated in 1999, MTAR Technologies develops and manufactures components and equipment for the defence, aerospace and nuclear energy sectors. It provides a wide range of complex product portfolios that meet the Indian nuclear, defence, and space sector's varied requirements. Indian Space Research Organisation (ISRO), Nuclear Power Corporation of India (NPCIL), Defence Research and Development Organisation (DRDO), Bloom Energy, Rafael Advanced Defense Systems are some of the esteem clients.

MTAR opens next week


The company has also raised ₹100 crore in a pre-IPO fundraising from SBI Mutual Fund and Axis Mutual Fund.

It will be using the proceeds to repay the debt of ₹63 crore and ₹95 crore will be utilised to fund working capital requirements in the next two years. As of December 31, the company’s total debt stood at ₹148.86 crore.

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