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3w ago

M&B Engineering IPO Surges Past 1.5x Subscription by Day Two

Closing August 1 with Rs292 Cr anchored, the IPO’s strong retail booking positions M&B Engineering for an August 6 debut.

NSDL IPO booked over 3x on day 2, M&B & Sri Lotus attract investors, GMPs hold ground
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Overview

  • The Rs650 Cr book-built issue features a Rs275 Cr fresh share sale and Rs375 Cr offer-for-sale at a Rs366–385 price band, open for subscription through August 1.
  • Anchor investors took up 75 lakh shares at Rs385 apiece, raising Rs292 Cr ahead of public bidding.
  • By midday July 31, overall subscription hit 1.54 times, driven by a 5.7 times retail subscription and 1.86 times NII demand, while QIB bids remain negligible.
  • A Rs49 grey market premium points to a potential 12.7% listing gain, reflecting improving market sentiment since launch.
  • Proceeds will support capacity expansion to 143,800 MT of PEB output, IT software upgrades, term-loan repayments and general corporate purposes before listing on August 6.