M&B Engineering IPO subscribed 2% on day 1: Check GMP, price band, and other key details
The IPO, open between July 30 and August 1, received bids for 2.41 lakh shares against 97.98 lakh shares on offer. Among investor categories, retail investors subscribed to 11% of their quota, while non-institutional investors (NIIs) subscribed 2%. Qualified institutional buyers (QIBs) were yet to place bids.
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M&B Engineering IPO Price Band
The price band for the issue is fixed at Rs 366 to Rs 385 per share. At the upper end, the company's market capitalisation is estimated at around Rs 2,200 crore.
M&B Engineering IPO GMP
In the grey market, M&B Engineering shares were quoting at a premium of Rs 40–43, suggesting a potential upside of around 10% over the issue price.
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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.
Also read:
Mother of all IPOs coming next year? Ambani eyes Jio Infocomm's Rs 52,000 cr issue: Report
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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: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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