Mishra Dhatu Nigam Limited’s (MIDHANI) IPO to open with a price band of Rs. 87 to Rs. 90 per Equity Share



Mishra Dhatu Nigam Limited’s (MIDHANI), one of the leading manufacturers of special steels, Superalloys and only manufacturer of titanium alloys in India, will be launching its initial public offering (“IPO” or the “Offer”) which is scheduled to open on March 21, 2018 and close on March 23, 2018, with a price band of Rs. 87 – Rs. 90 per Equity Share of face value of Rs. 10 each of the Company (the “Equity Shares”).

The IPO comprises of an Offer of 48,708,400 Equity Shares, an Offer for Sale by the President of India acting through the Ministry of Defence. The IPO consists of a reservation of up to 1,873,400 Equity Shares for subscription by Eligible Employees and the Net Public Offer of 46,835,000 Equity Shares

The objects of the Offer are: (i) to carry out the disinvestment of 48,708,400 Equity Shares by the Selling Shareholder constituting 26% of Company’s pre-Offer paid up Equity Share capital; and (ii) 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.

The Offer and the Net Offer will constitute 26.00% and 25.00% respectively, of the post offer paid-up equity share capital of the Company.

SBI Capital Markets Limited and IDBI Capital Markets & Securities Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.

The Equity Shares of MIDHANI are proposed to be listed on BSE and NSE.