IPO
M&B Engineering’s Rs.650-Cr IPO subscribed 7X
Ahmedabad-headquartered M&B Engineering Ltd ’s initial public offering (IPO) was subscribed by 6.9 times. At the upper end of the price band, the company is valued at nearly INR 1,800 crore.M&B Engineering offers Pre-Engineered Buildings (PEB) and Self-Supported Roofing (SSR) solutions.The IPO consists of a fresh issue of equity shares for INR 275 crore and an offer for sale (OFS) INR 375 crore by the promoters. The Qualified Institutional Buyers (QIBs) portion was subscribed only 43%. The Retail Individual Investors (RIIs) led the demand by subscribing 17.02 times, followed by Non-institutional Investors (NIIs) at 13.16 times.The company would use the net proceeds from the IPO for capital expenditure, debt repayment, and technology upgrades at its manufacturing units in Sanand and Cheyyar.Equirus Capital and DAM Capital Advisors are the book-running lead managers for the IPO.
For FY24, M&B Engineering had reported about INR 795 Cr in Operating Income and about INR 46 Cr in PAT.
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