MRO-TEK lists at a discount

Mumbai, Nov 3: Disappointing investors who subscribed to its initial public offering (IPO), Bangalore-based MRO-TEK Ltd was listed at a discount of Rs 2.95 to the issue price of Rs 95 per share of Rs 5 each at the National Stock Exchange on Thursday.

The scrip opened at Rs 114.90, touched an intra-day low of Rs 90.00, before closing at Rs 92.05. About 25.1 lakh equity shares were offered by the company through its recent IPO (initial public offer). The total value of the 1,14,079 shares traded today was at Rs 111.40 lakh.

The company came out with the issue to fund its expansion of manufacturing facilities, create additional marketing facilities and to set up a new corporate office in Bangalore. MRO-TEK’s turnover had reached Rs 100 crore during last year from Rs 2 lakh in 1985. By the year 2001, the company’s turnover is expected to be over Rs 20 lakh.