Mathew Cyriac is looking to take at least two companies public in India in the coming years after MTAR Technologies Pvt.’s debut success.
MTAR Technologies, a precision engineering firm that Cyriac bought from Blackstone Group Inc. in 2017 when he left the private equity firm, has seen shares risen more than 60% since its March debut. The listing is part of India’s red-hot initial public offerings market where companies have raised about $4 billion since the start of the year, on track for the busiest first-half since 2017, according to data compiled by Bloomberg. UBS Group AG expects a record year for first-time share sales in the country despite the coronavirus pandemic.
The Mumbai-based investment firm has invested less than $100 million in the past three years and the MTAR’s IPO brought in 3.5 billion rupees ($48 million) of proceeds that could strengthen its war chest. It also secured a commitment from a family office for about 4 billion rupees and another 7 billion rupees from some local investors.
By Baiju Kalesh
