M&B Engineering IPO sails through on Day 2: Check GMP, price band, and other key details
M&B Engineering's IPO saw strong demand, fully subscribed by Day 2 with an overall subscription of 110%. Retail investors showed significant interest, subscribing 4.18 times their quota. The IPO price is set at Rs 366–385 per share, with proceeds aimed at capital expenditure and debt repayment. Brokerages are positive, citing the company's strong fundamentals and growth potential.
Tired of too many ads?
Remove Ads
Use of Proceeds
Tired of too many ads?
Remove Ads
Company Details
Should You Subscribe?
The initial public offering (IPO) of M&B Engineering was fully subscribed by Day 2 of bidding, with an overall subscription of 110% as of 11:15 am on Thursday.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.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.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.The net proceeds will be utilised for capital expenditure, debt repayment, and technology upgrades at the company's manufacturing units in Sanand and Cheyyar.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.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.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
19 minutes ago
- Time of India
Vacant Land Tax Committee to recover over Rs 870 crore tax dues in Vijayawada
Vijayawada: Aiming to enhance the tax collection revenue, the NTR district administration has constituted a Vacant Land Tax Committee (VLTC) to collect pending vacant land tax dues from tax payers within Vijayawada Municipal Corporation (VMC) limits. The VLTC will comprise of the revenue wings from both VMC and NTR district administration along with town planning of VMC and district stamps and registration department personnel. It was found that despite Rs 237 crore vacant land tax demand, the civic body managed to collect only Rs 19 crore, totalling a mere 8.18% out of the total vacant land tax from tax payers in the previous 2024-25 financial year in the city. The VMC has around 15,000 vacant land tax assessments across the 64 divisions under three circles in the city. "The vacant land tax collection remains low due to the unavailability of the whereabouts of the original owners. Majority of the taxpayers reside in other places thus tracking and tracing of these vacant land owners is not possible for the municipal corporation personnel due to which the vacant land collection dues are mounting in the VMC," a senior municipal corporation official told TOI. More than Rs 870 crore vacant land tax dues to be paid by the tax payers were pending to the civic body in the last five financial years between 2020-2025, according to VMC records. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Family Adopted A New 'Dog', But When The Vet Sees It He Calls The Police Undo "With the help of the revenue department officials including VROs, MROs, and sub registrars the address details of the tax payers will be identified secretariat wise across all secretariats. Notices will be served to top 10 tax payers identified under each secretariat," the VMC official said and added that initially the identification of tax defaulters exercise will begin from those secretariats which are having least number of tax defaulters. The official added that the ward secretariat staff of the municipal corporation will be handed over to the revenue and stamps and registration department personnel to find out their address details.
Time of India
19 minutes ago
- Time of India
Disclose solar power price supplied to other states, HC tells SECI
Vijayawada: The high court on Wednesday directed Solar Energy Corporation of India (SECI) to disclose the price of solar power at which it was supplying to other states, at the time it entered into an agreement to supply power to Andhra Pradesh at Rs 2.49 per unit. The court also directed to place the orders of Andhra Pradesh Electricity Regulatory Commission (APERC) approving the unit price quoted by SECI. CPI state secretary K Ramakrishna and then TDP MLA and present finance minister Payyavula Keshav filed separate PILs in the high court challenging the agreement made by the then YSRCP govt with SECI for supply of 7,000 MW of solar power at Rs 2.49 per unit. The counsel for the petitioner argued that SECI made an agreement to supply solar power at Rs 2.49 per unit with AP, but the same SECI made an agreement with Gujarat govt for supply of solar power at Rs 1.99 per unit. The counsel further said that the power purchase price should be derived through tender route according to the Electricity Act but it was not followed while entering into an agreement with SECI. Arguing on behalf of the state govt, advocate general Dammalapati Srinivas said the high court has allowed APERC to decide the unit price and it has approved the price quoted by SECI. The petitioners can challenge the decision of APERC if they have any grievances on the same. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like For all your EV needs ScottishPower Learn More Undo The counsel for SECI submitted that the per unit price of solar power used to be anywhere between Rs 2.52 and Rs 2.61 at the time when it entered an agreement with AP. The unit price offered to AP was the lowest at that time when compared to other states, he stated. Considering the arguments, the high court bench headed by Chief Justice Dhiraj Singh Thakur and Justice Ravi Cheemalapati directed SECI to submit an affidavit with details of prices at which it had made agreements with other states at the time of entering into the agreement with AP.
Time of India
19 minutes ago
- Time of India
Union proposes to convert old CNG autos to electric
Mumbai: The Mumbai Rickshawmen's Union has prepared a roadmap to convert existing old CNG autos in the city to electric autos by retrofitting. It has proposed to the MMRTA to allow drivers/permit holders to convert autos to electric once they reach the lifespan of 16 years in MMR. Such autos can switch to electric and ply on roads with zero permit and no pollution for another 5-10 years, union leader Thampy Kurien said. The union has been called to the transport commissioner's office for discussions on this issue on Thursday. Also, the cost of retrofitting is around Rs 1.6 lakh, which is less than the cost of a normal auto (Rs 2.8 lakh) and an e-auto (Rs 3.8 lakh). A proposed model of a retrofitted e-auto has been approved by RTO and registered in Pimpri Chinchwad, Pune. "The union will bring this auto to Mumbai for a demo and test drive on city roads. We will ask drivers to take multiple rides on all kinds of roads—narrow lanes or the arterial road. After getting good feedback, we plan to introduce these kinds of autos in Mumbai," Kurien said. The union has also petitioned the govt to set up more charging stations and will also push for battery swapping stations in the suburbs. Battery swapping can save significant time compared to charging an electric vehicle, particularly for electric three-wheelers. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Treatment That Might Help You Against Knee Pain Knee pain| search ads Find Now Undo by Taboola by Taboola While charging can take hours, battery swapping can be completed in just a few minutes. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai The city has nearly 3 lakh autos in the suburbs, with many of them nearing the lifespan of 16 years, after which they have to be phased out from the roads. "We are asking MMRTA to allow the autos to continue in electric mode so that the owners/drivers can continue to earn a livelihood," Kurien added. A source from the auto trade said: "There is one problem with having autos running on battery. There is no need for a permit in such vehicles, although they are registered with green number plates. So, these vehicles can ply in MMRTA as well as go to the far-off villages and operate."
