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Mishra Dhatu Nigam ends flat on debut

Shares of Mishra Dhatu Nigam settled at Rs 90 on BSE, matching the initial public offer price of Rs 90.

The stock debuted at Rs 87, a discount of 3.33% to the initial public offer (IPO) price. The stock hit a high of Rs 90.90 and low of Rs 86.35. On BSE, 24.48 lakh shares were traded on the counter.

The IPO of Mishra Dhatu Nigam opened for subscription on 21 March and closed on 23 March 2018. The issue received bids for 5.90 crore shares. The issue was subscribed 1.21 times. The price band of the issue was set at Rs 87 to Rs 90 per share.

The IPO comprised of an offer for sale (OFS) by the President of India acting through the Ministry of Defence of India of 4.87 crore equity shares. The IPO consists of a reservation of up to 18.73 lakh equity shares for subscription by eligible employees and the net public offer of 4.68 crore equity shares.

The objects of the offer were to carry out the disinvestment of 4.87 crore equity shares by the selling shareholder, constituting 26% of company's pre-offer paid up equity share capital, and to achieve the benefits of listing the equity shares on the stock exchanges. The company will not receive any proceeds from the offer and all proceeds shall go to the selling shareholder. Government of India will hold 74% of total paid up equity share capital of the company post listing.

In the half-year ended September 2017, net sales stood at Rs 203.69 crore and profit after tax stood at Rs 27.30 crore.

Mishra Dhatu Nigam is a government of India enterprises is one of the leading manufacturers of high value speciality steel, superalloys and only manufacturer of titanium alloys in India. The company has achieved the status of a Mini Ratna, Category-I company in 2009.

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