Analysts said MTAR is into niche segments and can be a play on clean energy and 'Atmanirbhar Bharat'.

MTAR IPO includes fresh issue of shares worth Rs 124 crore and offer for sale of Rs 473 crore worth of shares.

On a trailing 12-month basis, MTAR IPO is offered at 45.32 times and is seeking a market cap of Rs 1,769 crore.