M&B Engineering IPO sails through on Day 2: Check GMP, price band, and other key details
The IPO received bids for 1.08 crore shares against 97.98 lakh shares on offer. Retail investors subscribed 4.18 times their quota, while non-institutional investors (NIIs) subscribed 1.22 times. Qualified institutional buyers (QIBs) were yet to participate.
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M&B Engineering IPO Price Band
The price band for the IPO is set at Rs 366–385 per share. At the upper end, the company's market capitalisation is estimated at approximately Rs 2,200 crore.
M&B Engineering IPO GMP
In the grey market, M&B Engineering shares were quoting at a premium of Rs 54–55, implying a listing gain of about 16% over the issue price.
Use of Proceeds
The net proceeds will be utilised for capital expenditure, debt repayment, and technology upgrades at the company's manufacturing units in Sanand and Cheyyar.
Company Details
M&B Engineering is one of the largest players in the pre-engineered buildings (PEB) and self-supported steel roofing segments, with over 9,500 completed projects and exports to 22 countries.
Its client portfolio includes the Adani Group, Tata Advanced Systems, and
Alembic Pharma
. As of June 30, its order book stood at over ₹840 crore. The company provides end-to-end project solutions including design, fabrication, and erection.
For FY25, the company reported revenue of Rs 988 crore and a net profit of Rs 77 crore, with an EPS of Rs 13.5. The IPO is priced at a P/E of 28.5x based on FY25 earnings.
Should You Subscribe?
Brokerages are positive on the company's fundamentals but note that the issue appears fully priced. Anand Rathi has rated the IPO as 'Subscribe for Long Term,' citing M&B's integrated manufacturing setup, economies of scale, and export momentum, particularly in the U.S. market.
Equirus Capital and
DAM Capital Advisors
are the book-running lead managers.
The IPO includes a fresh issue of equity shares worth Rs 275 crore and an offer for sale (OFS) of Rs 375 crore by the promoters.
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