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NEW DELHI: The Rs 596 crore MTAR Technologies initial public offer (IPO) continued to see strong investor response, with the issue getting subscribed by over 10 times on Day 2 of the bidding process.
By 5 pm, the issue had received bids for 4,59,11,216 shares, which was 10.27 times the issue size of 72,60,694 shares. The issue was subscribed 3.68 times till the end of Day 1 bidding process.
The IPO, which consists of a fresh issue of shares worth Rs 124 crore and an offer for sale (OFS) of Rs 473 crore worth of shares, is being sold in the Rs 574-575 price band. At this price band, the issue is demanding a P/E multiple of 47.3 times FY21 EPS of Rs 12.20, on an annualised basis.

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