MTAR Technologies makes strong market debut, lists at 85% premium over issue price

Shares of MTAR Technologies kicked-off trading at domestic bourses on strong note, in an otherwise weak market, listing at a premium of 85.03 per cent to its IPO issue price on BSE today. The share made its debut at Rs 1,063.90 on BSE against IPO issue price of Rs 575. On National Stock Exchange, MTAR Technologies stock listed at Rs 1,050, a premium of 82.6 per cent over the issue price. Meanwhile, the BSE Sensex was trading 510 points or 1 per cent lower at 50,282, and the NSE Nifty was quoting at 14822.65, down by 208.3 points or by 1.39 per cent.

MTAR Technologies share price was currently quoting at Rs 1,115.10, up 93.93 per cen, against issue price of Rs 575. The stock has gained 4.5 per cent as compared to listing price of Rs 1,063.90.

On the volume front, there was surge in buying as 8.47 lakh shares changed hands over the counter in the first hour of trade on the BSE.

The equity shares of MTAR Technologies Ltd (Scrip Code: 543270) have been listed and admitted to dealings on the exchange in the list of 'B' group securities.

The Rs 597-crore initial public offering (IPO) of MTAR Technologies had received overwhelming response from investors. The three-day issue, which closed on March 5, was subscribed over 200 times as it received bids for 145.79 crore equity shares against an offer size of 72.6 lakh stocks.

Ahead of IPO, the Hyderabad-based company has raised Rs 179 crore from anchor investors. The company intends to use fund proceeds from the fresh issue to repay debt, fund long-term working capital requirements besides attending to general corporate purpose. JM Financial and IIFL Securities were the book running lead managers to the issue.

Also read: MTAR Technologies IPO share allotment finalised: Strong debut likely; check GMP, listing date

Also read: Stock Market Live Updates: Sensex down 500 pts, Nifty below 15k; SBI, Bajaj Finance, HDFC top losers

Also read: Stocks in news: YES Bank, Axis Bank, MTAR Tech, Tata Communications, SBI cards, Dilip Buildcon, Bajaj Finance