M&B Engineering IPO Soars to 36.2x Subscription on Final Day

M&B Engineering Ltd's initial public offering was oversubscribed by 36.2 times, with non-institutional investors showing the most interest. The Rs 650-crore IPO combines fresh equity issuance and an offer for sale by promoters. Proceeds will fund equipment purchases and debt repayment.

M&B Engineering Ltd's initial public offering saw spectacular interest, achieving a subscription rate of 36.2 times as bidding concluded on Friday.

Investor demand was robust, with non-institutional investors subscribing 38.24 times, retail individual investors 32.55 times, and qualified institutional buyers 36.72 times over their respective portions.

The Gujarat-based company's Rs 650-crore IPO includes a mix of Rs 275 crore in fresh equity and a Rs 375 crore offer for sale. Funds will be directed towards equipment purchase, debt payment, and working capital needs.

Equirus Capital and DAM Capital Advisors are managing the IPO, and the listing is expected on August 6.

(With inputs from agencies.)