Mishra Dhatu Nigam (MIDHANI) IPO

Midhani IPOBusiness description – Mishra Dhatu Nigam (Midhani) is one of the leading manufacturers of special steels, Superalloys and only manufacturer of titanium alloys in India. These are high value products which cater to niche end user segments such as defence, space and power. The company was established in the year 1973, with an aim of achieving self-reliance in the research, development and supply of critical alloys and products of national security and strategic importance. The company has the technological ability to manufacture a wide range of advanced metals and alloys under one roof.

With the growth of business and operations, Midhani achieved the status of a Mini Ratna, Category-I company in 2009. It is one of the few metallurgical plants of its kind in the world, designed to manufacture a wide range of special metals and alloys using integrated and highly flexible manufacturing systems. The company manufactures unique combinations of metal and alloys. These special alloys have superior mechanical properties and better workability which are essential for special applications in aerospace, power generation, nuclear, defence and other general engineering industries.

Promoters of Mishra Dhatu Nigam – The President of India acting through the Ministry Of Defence
Mishra Dhatu Nigam IPO details
Subscription Dates 21 – 23 March 2018
Price Band INR87 – 90 per share (discount of INR3 per share for retail and employee investors)
Fresh issue Nil
Offer For Sale 48,708,400 shares (INR423.76 – 43.38 crore)
Total IPO size 48,708,400 shares (INR423.76 – 43.38 crore)
Minimum bid (lot size) 150 shares
Face Value  INR10 per share
Retail Allocation 35%
Listing On NSE, BSE
Mishra Dhatu Nigam’s financial performance (in INR crore)
FY2013 FY2014 FY2015 FY2016 FY2017 6M FY2018
Total revenues 585.2 656.2 678.4 790.4 833.1 220.7
Total expenses 456.0 524.7 537.6 628.6 646.7 173.7
Profit after tax 94.0 97.5 103.6 119.4 126.3 27.3
Net margin (%) 16.1 14.9 15.3 15.1 15.2 12.4

FY2013 and FY2014 figures are based on Indian GAAP accounting standards. 

Financial figures for subsequent years are based on Indian Accounting Standards (Ind-AS).

Mishra Dhatu Nigam Contact Details

Mishra Dhatu Nigam Limited 
P.O. Kanchanbagh,
Hyderabad – 500 058

Phone: +91 040 2434 0853
Fax: +91 040 2434 0214
Email: [email protected]
Website: www.midhani.com

Registrar of Midhani IPO

Alankit Assignments Limited
205-208, Anarkali Complex,
Jhandewalan Extension
New Delhi – 110 055

Phone: +91 11 4254 1234
Fax: +91 11 4154 3474
Email: [email protected]
Website: www.alankit.com

Valuation of Mishra Dhatu Nigam (Based on latest FY)

Earnings Per Share (EPS): INR6.74

Price/Earnings (P/E) ratio: 12.90 – 13.35

Return on Net Worth (RONW): 17.93%

Net Asset Value (NAV): INR37.6 per share

Midhani IPO Subscription Details

Category Shares offered Subscription (no. of times) 
Day 1 Day 2 Day 3
QIB 23,417,500 0.45 1.09 1.96
NII 7,025,250 0.00 0.00 0.12
Retail 16,392,250 0.10 0.31 0.71
Employees 1,873,400 0.03 0.11 0.25
Total 48,708,400 0.25 0.63 1.20

Mishra Dhatu Nigam IPO (Midhani IPO) Allotment Status

Mishra Dhatu Nigam IPO allotment status is now available on Alankit Assignments’ website. Click on this link to get allotment status.

Listing Performance of Mishra Dhatu Nigam

IPO Opening Date: 21 March 2018

IPO Closing Date: 23 March 2018

Finalisation of Basis of Allotment: 28 March 2018

Initiation of refunds: 2 April 2018

Transfer of shares to demat accounts: 3 April 2018

Listing Date: 4 April 2018

Listing Price on NSE: INR87 per share (no change from IPO price for retail investors)

Closing Price on NSE: INR90.05 per share (up 3.51% from IPO price for retail investors)

5 COMMENTS

  2. This will also be like Hindustan Aeronautics. Avoid at all cost. LIC will be required to buy shares among institutions and they will dump after listing. You will be left with heavy losses!!

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