M&B Engineering listing: Shares list flat at upper price band of ₹385 per share

M&B Engineering shares listed flat at ₹385 apiece on the NSE at its upper price band of the issue price. The shares had an issue price band of ₹366 to ₹385 apiece

The initial public offering of M&B Engineering Ltd fetched 36.2 times subscription on the closing day of bidding on Friday.

The company's initial share sale received bids for 35,47,18,980 shares against 97,98,309 shares on offer, as per NSE data.

Non-institutional investor part got subscribed 38.24 times, while the portion for retail individual investors (RIIs) received 32.55 times subscription. Qualified institutional buyers (QIBs) part attracted 36.72 times subscription.

M&B Engineering Ltd on last Tuesday garnered nearly ₹292 crore from anchor investors.

The issue had a price band of ₹366-385. At the upper end of the price band, the Gujarat-based company's market capitalisation is estimated at ₹2,200 crore.

The ₹650-crore IPO is a mix of a fresh issue of equity shares worth ₹275 crore and an offer for sale (OFS) of ₹375 crore by promoters.

Proceeds from the fresh issue will be used for purchasing equipment and machinery for the company's manufacturing facilities, payment of debt, working capital requirements and general corporate purposes.

M&B Engineering is one of the country's leading pre-engineered buildings and self-supported roofing providers in terms of installed capacity (103,800 MTPA related to PEB and 18,00,000 square metres per annum for self-supported roofing).

Equirus Capital and DAM Capital Advisors are the book-running lead managers to the issue. M&B Engineering is expected to list on the stock exchanges on August 6.