M&B Engineering IPO: Rs 292 Cr from Anchor Investors

New Delhi, Jul 29 (PTI) M&B Engineering Ltd on Tuesday garnered nearly Rs 292 crore from anchor investors ahead of its initial share sale opening for public subscription.

This anchor portion witnessed participation from domestic and foreign institutional investors, including HDFC Mutual Fund, Kotak MF, WhiteOak Capital MF, Aditya Birla Sun Life MF, Abu Dhabi Investment Authority and Bandhan MF, according to a circular uploaded on BSE's website.

As per the circular, M&B Engineering has allotted 75.74 lakh equity shares to 24 funds at Rs 385 apiece, aggregating the fund raising to Rs 291.6 crore.

The issue, with a price band of Rs 366 to Rs 385, will open for subscription on July 30 and conclude on August 1.


At the upper end of the price band, the Gujarat-based company's market capitalisation is estimated at Rs 2,200 crore.

The upcoming Rs 650-crore IPO is a mix of fresh issue of equity shares worth Rs 275 crore and an offer for sale (OFS) of Rs 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 (PEB) 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.