Our Bureau The initial public offering of Mishra Dhatu Nigam will open for public issue on March 21 and close on March 23.
The IPO, which is being launched in a price band of ₹87-90, comprises an offer of 4.87 crore shares through the OFS route. The minimum bid lot is 150 equity shares and in multiples of 150 equity shares thereafter. The public issue consists of a reservation of up to 18.73 lakh shares for subscription by eligible employees.
Through the issue, the Centre may raise between ₹420-₹440 crore.
The objects of the issue are to carry out the disinvestment of shares by the selling shareholder constituting 26 per cent of the company’s pre-offer paid-up equity share capital; and to achieve the benefits of listing, the company said in a draft paper. The company will not receive any proceeds from the issue and the funds raised will go to the Centre.
The shares of Mishra Dhatu are to be listed on the BSE and the NSE. SBI Capital Markets and IDBI Capital Markets are the book-running lead managers.
Mishra Dhatu is one of the leading manufacturers of special steels, super-alloys and the only producer of titanium alloys in India. These are high-value products which cater to niche end-user segments such as defence, space and energy.
The company, established in 1973 with the aim of achieving self-reliance in the research, development and supply of critical alloys and products of national security and strategic importance, posseses the technological ability to manufacture a wide range of advanced metals and alloys under one roof.