M&B Engineering shares make flat market debut; later jump nearly 8 pc

Shares of M&B Engineering made a flat market debut on Wednesday listing at par with the issue price of Rs 385.

The stock listed at Rs 385 on the NSE. Later, it climbed 7.74 per cent to trade at Rs 415.60 apiece on the exchange.

On the BSE, the company's stock began the trade at Rs 386, up 0.26 per cent. Later, the stock jumped 7.45 per cent to Rs 413.70 per piece on the bourse.

The company's market valuation stood at Rs 2,379.94 crore on the BSE.

The Rs 650-crore initial public offering (IPO) of M&B Engineering Ltd fetched 36.2 times subscription on the closing day of bidding on Friday.

Last week, M&B Engineering Ltd garnered nearly Rs 292 crore from anchor investors.

The issue has a price band of Rs 366-385.

The 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 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).

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)