Mishra Dhatu IPO subscribed 63 per cent on Day 2

Defence PSU company Mishra Dhatu Nigam Limited's IPO was subscribed by 63 per cent on Day 2 of subscription at 16:15 hours IST.

The mini-Ratna was established to make India self-reliant in both research and resources for defence production. The supply of critical alloys needed for defence equipment and installation are important from a national security point of view. On the other hand, the Government of India wants to monetize some of these assets and thereby would like to offload 25 per cent stake in the company through this IPO.

The IPO which opened on March 21, at a price band of between Rs. 87 to Rs. 90 per share. The minimum order size is 150 equity shares. The IPO closes on Friday, March 23 at 17:00 IST. For the total issue size of 4,87,08,400 equity shares, 2,47,14,300 bids were received, of which 36,94,800 bids were received at cut-off price.

Mishra Dhatu Nigam is engaged in the manufacturing of speciality materials, including high-value speciality steel, super alloys and titanium alloy products. These materials are utilised for the production of light armoured vehicles, fighter jets and other such defence sector products.