M&B Engineering's IPO Makes Strong Debut with Impressive Subscriptions
The IPO of M&B Engineering Ltd received 66% subscription on its first day. Retail investors bid 2.58 times, while non-institutional subscriptions reached 66%. Raising Rs 292 crore from anchor investors, the Rs 650-crore issue includes fresh equity and an offer for sale. Proceeds will fund company expansion and debt reduction.
- Country:
- India
M&B Engineering Ltd's initial public offering (IPO) witnessed a promising debut, securing 66% subscription on the opening day. According to NSE data, the 3-day IPO attracted bids for 64,63,534 shares compared to 97,98,309 shares available.
Retail Individual Investors (RIIs) showcased strong interest with 2.58 times subscription, while non-institutional investors subscribed to 66% of their quota. Earlier, the company raised approximately Rs 292 crore from anchor investors.
The IPO, valued at Rs 650 crore, is a blend of Rs 275 crore fresh equity shares and a Rs 375 crore offer for sale by promoters. Funds will support equipment purchases, debt payment, and general corporate needs. M&B Engineering expects to list on stock exchanges by August 6.
(With inputs from agencies.)
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