M&B Engineering IPO Sees Strong Demand Amid Investor Interest
M&B Engineering Ltd's initial public offering was subscribed 2.90 times on its second day. Retail investors subscribed 9.46 times, while non-institutional investors subscribed 4.26 times. The IPO includes a mix of fresh equity shares and an offer for sale, totaling Rs 650 crore.
- Country:
- India
M&B Engineering Ltd's initial public offering (IPO) attracted strong demand, securing subscriptions of 2.90 times on the second day of trading.
According to data from the National Stock Exchange (NSE), the offering received bids for 2,83,79,046 shares against the 97,98,309 shares available, with the Retail Individual Investors (RIIs) category seeing 9.46 times subscription. Non-institutional investors subscribed 4.26 times, while Qualified Institutional Buyers (QIBs) absorbed 2 per cent of the offering.
The Gujarat-based company aims to raise Rs 650 crore through a combination of fresh equity shares and an offer for sale by promoters. Proceeds will be directed towards equipment procurement, debt payment, and general corporate expenses. The IPO's price bracket stands between Rs 366 and Rs 385, and M&B Engineering is expected to debut on the stock exchanges on August 6.
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