Gujarat's M&B Engineering Ltd Announces Rs 650-Crore IPO Launch
M&B Engineering Ltd is launching a Rs 650-crore IPO, opening July 30 and closing August 1, with a price band of Rs 366-385. The IPO includes Rs 275 crore as a fresh equity issue and a Rs 375 crore offer-for-sale. Funds will support equipment acquisition, debt repayment, and general corporate needs.
- Country:
- India
Gujarat-based M&B Engineering Ltd revealed plans for a Rs 650-crore initial public offering (IPO) set to open on July 30, concluding by August 1. The price band for the offering is between Rs 366 and Rs 385, according to the company's announcement.
The IPO comprises a fresh issue of equity shares worth Rs 275 crore alongside a Rs 375 crore offer-for-sale by the promoters. At the price band's upper limit, the market capitalisation for the firm is projected to be around Rs 2,200 crore.
Funds raised will be directed towards purchasing new equipment, debt repayment, catering to working capital needs, and general corporate purposes. The IPO reserves 75% of the shares for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors. Equirus Capital and DAM Capital Advisors are the book-running lead managers for the issue. The company is slated to list on the stock exchanges on August 6.
(With inputs from agencies.)
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