Shares are MTAR Technologies made a strong debut on exchanges today. On BSE, shares rose to Rs 1,095, as compared to the issue price of Rs 575. The Rs 597-crore initial public offering (IPO) of MTAR Technologies, which was open between March 3 and March 5, was subscribed more than 200 times. The price band was fixed at Rs 574- 575 per equity share.

The segment reserved for retail investors was subscribed 28.4 times, the qualified institutional buyer’s category was subscribed 165 times and the non-institutional category received 650.79 times subscription. MTAR Technologies is engaged in the manufacture of mission-critical precision components with close tolerances (5-10 microns), and in critical assemblies. It has seven manufacturing facilities, including an export-oriented unit located in Hyderabad, Telangana, and has been servicing the defense, aerospace, and energy sectors for more than four decades.

Ahead of the IPO, MTAR Tech had raised Rs 179 crore from anchor investors. The company works with clients like the 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.