Ex-Blackstone India head hunts for next star in hot IPO market
Sees significant interest in fintech, digital companies, analytics-based IT services
Mathew Cyriac is looking to take at least two companies public in India in the coming years after MTAR Technologies Pvt Ltd’s debut success.
MTAR Technologies, a precision engineering firm that Cyriac bought from Blackstone Group Inc. in 2017 when he left the private equity firm, has seen shares rise more than 60 per cent since its March debut. The listing is part of India’s red-hot initial public offerings market where companies have raised about $4 billion since the start of the year, on track for the busiest first-half since 2017, according to data compiled by Bloomberg. UBS Group AG expects a record year for first-time share sales in the country despite the coronavirus pandemic.
Mathew Cyriac is looking to take at least two companies public in India in the coming years after MTAR Technologies Pvt.’s debut success.
MTAR Technologies, a precision engineering firm that Cyriac bought from Blackstone Group Inc. in 2017 when he left the private equity firm, has seen shares risen more than 60% since its March debut. The listing is part of India’s red-hot initial public offerings market where companies have raised about $4 billion since the start of the year, on track for the busiest first-half since 2017, according to data compiled by Bloomberg. UBS Group AG expects a record year for first-time share sales in the country despite the coronavirus pandemic.
MTAR Technologies IPO: Here is how to check share allotment status
Navdeep YadavMar 10, 2021, 10:18 IST
MTAR Technologies
The basis of allotment for the ₹600 crore IPO of MTAR Technologies will be announced today on March 10.
The company provides a wide range of complex product portfolios that meet the Indian nuclear, defence, and space sector s varied requirements.
Here is how to check MTAR Technologies IPO allotment status on the registrar website and stock-exchanges.The basis of allotment for the ₹600 crore initial public offering (IPO) of defence components maker MTAR Technologies will be announced today, on March 10. The issue clocked a robust response from investors as it was subscribed 200.79 times the offer value.
NEW DELHI: The MTAR Technologies IPO, which received a solid 200 times subscription in its just concluded IPO, is set to deliver a whopping 1,400 per cent, or 15 times, gains to former Blackstone Senior MD, Mathew Cyriac, who through his entities Fabmohur Advisors and Solidus Advisors had bought one-third of the company in 2017.
If one were to go by prevailing premium that the grey market is offering on the unlisted shares today, Cyriac s remaining post-IPO shares in the company would be enjoying a 2,744 per cent return on listing!
Fabmohur Advisors LLP along with Solidus Advisors held 88,60,570 shares prior to the IPO, which were 33.11 per cent of the total MTAR shares. The shares were bought at an average cost of Rs 38.44 per share, as per the red herring prospectus. The IPO had an OFS of 5,874,300 shares by Fabmohur Advisors. These shares were sold in the price band of Rs 574-575, suggesting 15 times gains, or 1,396 per cent return.