MTAR Technologies IPO listing date today: Share price debuts at over 85 pct premium; 'book profit' says expert

MTAR Technologies IPO listing date today: MTAR IPO listing date was rescheduled and, instead of 16th March, 2021, it has listed on 15th March 2020, which is today. And the decision worked well for the defense sector company as it got listed at both NSE and BSE at over 85 per cent premium. MTAR IPO got listed today at Rs 1050 at NSE and Rs 1063.90 at BSE which is around 85 pct higher than MTAR IPO price band of Rs 574-575. At the time of writing this report at 10:07 AM today, MTAR share price was trading at Rs 1108.95.

On what should be the ideal strategy in regard to those who go the MTAR IPO allotment, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "If someone has got one lot during the MTAR IPO allotment process, then it's advisable to book profit now and those who got more than one lot allotted, should book partial profit as over 90 per cent return is huge and profit-booking is widely expected."

WATCH | Click on Zee Business Live TV Streaming Below:

MTAR Technologies has a wide product portfolio, modern technology and state-of-the-art manufacturing facilities, a strong and diversified supplier base for sourcing raw materials, aligned with a track record of growth in financial performance. The company was aiming to raise Rs 596 crore through the public issue which was an amalgamation of an Offer for Sale (OFS) by existing shareholders and a fresh issue of equity shares. MTAR Technologies, is a leading maker of nuclear, defence & aerospace equipment, fabrication facilities and fuel cells. Through the issue, promoters of the company have pruned their stake from 62.24 per cent before the MTAR IPO launch to 50.25 per cent, while public shareholding in the company has now increased to 49.75 per cent from the earlier 37.76 per cent.

Ahead the IPO, MTAR Tech had raised Rs 179 crore from anchor investors.

The company works with clients like Indian Space Research Organization, Defence Research and Development Organization, 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.

JM Financial and IIFL Securities were the book running lead managers to the issue.