Government-owned speciality alloy maker Mishra Dhatu Nigam (MIDHANI) made a tepid debut on the bourses on Wednesday. The shares of the company opened at Rs 87, 3.3% below its issue price. The stock ended the session at its issue price of R90. MIDHANI, which is engaged in the manufacturing of special steels, super alloys and titanium alloys, had priced its initial public offering (IPO) between Rs 87 and Rs 90. The IPO of MIDHANI was subscribed by 1.21 times with investors bidding for 5.89 crore shares against 4.87 crore shares on offer. The IPO was an offer for sale of 4.87 crore shares, which at the upper price of the band will translate into an offer size of Rs 438 crore. The 100% offer-for-sale constituted 26% of the post-offer paid up equity share capital of the company. The offer was a part of the disinvestment programme of the government, and all the proceeds will go to the central exchequer. As per its red herring prospectus (RHP), MIDHANI’s total revenues grew at a CAGR of 9.23% from Rs 585.18 crore for FY 2013 to Rs 833 crore for FY 2017. The company’s PAT grew at a CAGR of 7.68 % from Rs 93.9 crore for FY 2013 to Rs 126. 31 crores for FY 2017. The company posted a PAT of Rs 27.30 crore on total revenue of Rs 220.6 crore for the six months period ended September 30, 2017. MIDHANI joins a long list of companies that have raised funds from the market in the recent past.