Mishra Dhatu Nigam IPO for Rs.438 crore opens next week

Hyderabad-based steel PSU, Mishra Dhatu Nigam or MIDHANI is set to open its Rs. 438.4 crore initial public offer for subscription next week. 

The offer will be open for subscription from March 21 to March 23, 2018 at a price band of Rs. 87 to 90 per equity share.  The IPO comprises an offer for sale of 4,87,08,400 equity shares  of face value Rs 10 each aggregating up to Rs 438.38 crore at the upper end of the price band. The company’s equity shares are proposed to be listed on both BSE and NSE. 

The objective of the offer is to carry out disinvestment of the PSU by the selling shareholder constituting about 25 per cent of company’s pre-offer paid up equity share capital and to avail the benefits of getting listing on the stock exchanges. 

The company is in the business of manufacturing of special steels, super alloys and titanium alloys in India catering to niche sectors like defense, space and power. 

IDBI Capital Markets and Securities; and SBI Capital Markets are the book running lead managers of the offer.