Midhani shares to list on bourses on Wednesday

NEW DELHI: The shares of Mishra Dhatu Nigam (MIDHANI) will list on BSE and NSE on Wednesday.


The initial public offer (IPO), which was oversubscribed by 1.21 times, was opened for subscription from March 21 to March 23.


The public issue of the state-run firm to raise Rs 438 crore received bids for 5,90,66,850 shares against the total issue size of 4,87,08,400 shares, data available with the NSE showed.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 1.96 times, non institutional investors 12 per cent and retail investors 72 per cent.

The company had fixed the price band of Rs 87-90 for the public offer.

Over FY15-17, Midhani registered revenue and PAT CAGR of 9 per cent and 10 per cent, respectively. Average Ebitda margins and RoE over the period stood at 22 per cent and 20 per cent, respectively. As of September 30, 2017, debt to equity stood at 0.1x, with cash and equivalents of Rs 261 crore. Performance during H1 FY18 has been subdued owing to the shutdown of its plant for maintenance reasons.

SBI Capital Markets and IDBI Capital Markets & Securities were the book running lead managers of the issue while Alankit Assignments was the registrar.