M&B Engineering IPO opens with GMP at 11%. Should you subscribe?
M&B Engineering launches its IPO today to raise Rs 650 crore. The IPO price is Rs 366-385 per share. The company will use the funds for capex and loan repayment. M&B is a major player in PEB and steel roofing. The company's clients include Adani Group and Tata Advanced Systems. Anand Rathi suggests subscribing for the long term.
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Should You Subscribe?
M&B Engineering's mainboard IPO will open for subscription today, aiming to raise Rs 650 crore through a combination of fresh issue and offer for sale. The price band is set at Rs 366-385 per share, and the offer will close on August 1. Investors need to apply for a minimum of 38 shares per lot.The IPO is seeing a healthy grey market premium of 11%.The issue comprises a fresh issue of shares worth Rs 2,750 crore and an offer for sale of Rs 3,750 crore by promoters. Post issue, the promoter holding will drop from 100% to 69.1%, paving way for 30.9% public shareholding.M&B Engineering will use the proceeds primarily for capex, loan repayment, and technology upgrades at its manufacturing units in Sanand and Cheyyar.M&B is one of the largest players in the PEB and self-supported steel roofing segment, with a pan-India execution record across over 9,500 projects and exports to 22 countries.Its client list includes the Adani Group Tata Advanced Systems , and Alembic Pharma . It has an order book of over Rs 840 crore as of June 30 and offers end-to-end project solutions including design, fabrication, and erection.For FY25, the company reported revenue of Rs 9,88 crore and a net profit of Rs 77 crore, with an EPS of Rs 13.5. The issue is valued at a P/E of 28.5x based on FY25 earnings.Brokerages are positive on the fundamentals, but flag full pricing. Anand Rathi has recommended a 'Subscribe for Long Term' call, citing the company's integrated manufacturing setup, scale advantages, and growing export play, especially to the US.
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