The IPO of Mishra Dhatu Nigam Ltd (MIDHANI) opens on 21 March and closes on 23 March. The company is offering shares in the price band of Rs 87-90. The company intends to raise Rs 438.4 at the upper end of the price band. A discount of Rs 3 will be applicable to retails investors and employees.
About the company
Mishra Dhatu Nigam Ltd (MIDHANI) is a wholly owned government company. Established in 1973 the company is into special steels, super alloys and only manufacturer of titanium alloys in India. The company supplies these products at present only public-sector defence and space companies and intends to diversify into exports and the commercial sector.
The company is also expanding capacity by setting up a new plant at Rohtak to manufacture armour products. It has signed an MOU to set up a second facility in Nellore with NALCO to manufacture high-end value aluminium alloy products.
Defence, space and others contribute 72%, 22% and 6% of the revenues respectively. The ordebook which stood at 517 crore as of January 2018 consists of 55% defence, 32% space and 13% of other orders.
Purpose of the issue
The entire proceeds of the issue will go to the govt. The IPO is necessitated in large to meet the disinvestment target.
Issue details
The issue consists of an offer for sale (OFS) of 4,87,08,400 shares. Click here for the DRHP.
IPO schedule
Issue opens - March 21st
Issue close - March 23rd
Issue size - ₹ 438 crores at the upper end of the price band.
Listing on both NSE and BSE
Retail portion - 35%
Bid lot - 150 shares
Basis of allotment - 28 March
Refunds - 02 April
Credit of shares - 03 April
Listing 04 April
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