Day 2 of offer: M&B; Engineering IPO garners 2.90 times subscription

New Delhi, Jul 31 (PTI) The initial public offer of M&B Engineering Ltd garnered 2.90 times subscription on the second day of share sale on Thursday.

The initial share sale received bids for 2,83,79,046 shares against 97,98,309 shares on offer, as per NSE data.

Retail Individual Investors (RIIs) category mopped up 9.46 times subscription while the quota for non-institutional investors got subscribed 4.26 times. The Qualified Institutional Buyers (QIBs) part received 2 per cent subscription.

M&B Engineering Ltd on Tuesday garnered nearly Rs 292 crore from anchor investors.

The issue, with a price band of Rs 366 to Rs 385, will conclude on Friday.

At the upper end of the price band, the Gujarat-based company's market capitalisation is estimated at Rs 2,200 crore.

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 (PEB) 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).

Equirus Capital and DAM Capital Advisors are the book-running lead managers to the issue. M&B Engineering is expected to list on the stock exchanges on August 6. PTI SUM SUM SHW