Daijiworld Media Network- Mumbai

Mumbai, Jul 29: M&B Engineering Ltd is set to open its Rs 650 crore initial public offering (IPO) on July 30. The company, known for its pre-engineered building solutions and self-supported roofing systems, has seen strong interest from the market ahead of its debut.

According to reports, the grey market premium (GMP) for the IPO stood at Rs 34 as of Monday morning, suggesting a potential listing price of Rs 419 per share — nearly 9% above the upper end of the issue price band, which is fixed at Rs 366 to Rs 385 per share.

The IPO comprises a fresh issue of Rs 275 crore and an offer-for-sale (OFS) component of Rs 375 crore. The offer will remain open until August 1. Share allotment is expected to be finalised by August 4, with listing scheduled for August 6 on both BSE and NSE.

M&B Engineering has allocated 75% of the net offer to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 10% to retail investors. Equirus Capital Pvt Ltd is the book-running lead manager for the issue, while MUFG Intime India Pvt Ltd serves as the registrar.

With investor sentiment appearing positive, market watchers are closely tracking the issue for cues on listing performance amid a volatile equity landscape.