M&B Engineering Ltd.'s initial public offering has been subscribed 0.11 times or 11% so far on its first day of bidding on Wednesday. The company plans to raise Rs 650 crore from the primary market. The IPO will be open for subscription from July 30 to Aug. 1.
The IPO is a book-building issue of Rs 650 crore, that comprises a fresh issue of 71 lakh shares, worth Rs 275 crore, and an offer-for-sale of 97 lakh shares, worth Rs 375 crore. The price band for the IPO is set between Rs 366 and Rs 385 per share.
The company has proposed to use proceeds from the IPO to fund capital expenditure, invest in software upgrades and clear debts. A portion of the funds will also be used for general corporate purposes.
The share allotment is expected to be completed by Aug. 4. Shares of M&B Engineering will be listed on the BSE and NSE on Aug. 6.
Equirus Capital Pvt. is the book-running lead manager of the M&B Engineering IPO. MUFG Intime India Pvt. is the registrar for the issue.
IPO Details
Issue opens: July 30.
Issue closes: August 1.
Issue price: Rs 366 to Rs 385.
Total issue size: Rs 650 crore.
Fresh issue: Rs 275 crore.
Offer for sale: Rs 375 crore.
Subscription Status: Day One
The M&B Engineering IPO has been subscribed 0.11 times or 11% as of 11:06 a.m. on Wednesday.
Qualified Institutions: nil.
Non-Institutional Buyers: 0.09 times or 9%.
Retail Investors: 0.47 times or 47%.
Portion reserved for employees: 0.52 times or 52%.
IPO GMP
As per InvestorGain, the GMP for the M&B Engineering IPO stood at Rs 49 at 10:53 a.m. on July 30. This suggests a listing price of Rs 434 per share. The latest GMP signals a potential listing gain of 12.73% over the upper limit of the IPO price band.
Note: GMP does not represent official data and is based on speculation.
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