M&B Engineering IPO to open on July 30; price band set at Rs 366-385/share

New Delhi: M&B Engineering Ltd on Friday announced that its Rs 650-crore initial public offering (IPO) will open for subscription on July 30.

The issue, with a price band of Rs 366 to Rs 385, will conclude on August 1, the company announced.

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

The upcoming 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 1,800,000 square metres per annum for Self-Supported Roofing).

The company announced that 75 per cent of offer size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per for retail investors.

Equirus Capital 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.