MTAR Tech files DRHP for IPO
MTAR Technologies, a precision engineering solutions company has filed its draft red herring prospectus (DRHP) with the market regulator. Hyderabad based company 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 likely to raise about Rs 650 crore through initial public offer (IPO) according to bankers.
The IPO is comprises a fresh issue of up to 40 lakh shares and an offer for sale of up to 82.24 lakh shares from promoters.
The net proceeds from the fresh issue will be used to repay the debt and fund long-term working capital requirements besides attending to general corporate purpose. JM Financial and IIFL Securities are the bankers for the Issue.