M&B Engineering Debut Soars: IPO Triumph with 36.2x Subscription
M&B Engineering's shares rose 6% to close at Rs 409.15 in debut trade. The IPO was a success with a subscription rate of 36.2 times. Proceeds from the Rs 650-crore IPO will fund equipment purchases, debt repayment, and other corporate needs. The company specializes in pre-engineered buildings and roofing.
- Country:
- India
M&B Engineering's shares experienced a successful debut in the stock market on Wednesday, closing higher by 6% at Rs 409.15. Initially listed at Rs 386 on the BSE, the stock gained momentum during the day, reaching Rs 418.85 before settling at Rs 409.15.
The Rs 650-crore initial public offering (IPO) received overwhelming interest, with a subscription rate of 36.2 times on its final bidding day. The IPO included a fresh issue of equity shares worth Rs 275 crore and an offer for sale of Rs 375 crore by the promoters.
The company plans to allocate the proceeds for purchasing new equipment, repaying debt, and addressing working capital needs. M&B Engineering stands as a leader in pre-engineered buildings and roofing solutions, underscored by its substantial installed capacity.
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