M&B Engineering raises Rs 291.6 crore of Rs 650-crore IPO via anchor book

M&B Engineering IPO

Pre-engineered buildings and self-supported roofing solutions provider M&B Engineering has raised Rs 291.6 crore from 24 institutional investors via anchor book on July 29, a day before the Rs 650-crore initial public offering (IPO) opening.

The IPO consists of fresh issuance of equity shares worth Rs 275 crore, and an offer-for-sale of Rs 375 crore worth shares by the Patel family, promoters of the company, will open on July 30, and close on August 1.

Ahmedabad-based M&B Engineering on Tuesday has finalised allocation of 75.74 lakh shares to anchor investors at Rs 385 per share.

Key institutions names like Ashoka India, Abu Dhabi Investment Authority, Integrated Core Strategies, Societe Generale, and Pinebridge Global Funds invested in the company via anchor book.

Among others, HDFC Mutual Fund, Kotak Mahindra AMC, Whiteoak Capital, Aditya Birla Sun Life AMC, Bandhan Mutual Fund, Abakkus Growth Fund, JM Financial Mutual Fund, Carnelian, ITI Mutual Fund, and Nuvama Crossover Opportunities Fund also became shareholders of the company through investment in the anchor book.

Click Here To Read All IPO News

"Out of the total allocation of 75.74 lakh shares to anchor investors, 44.8 lakh shares were allocated to 7 domestic mutual funds which applied through their 14 schemes," M&B Engineering said.

The company intends to utilise Rs 130.58 crore of the fresh issue proceeds for purchase of equipment and machinery, building works, solar rooftop grid and transport vehicles at its manufacturing facilities.

Further, Rs 5.2 crore will be used for investment in IT software upgradation by company, and Rs 58.75 crore for repaying debt.

Equirus Capital, and DAM Capital Advisors are acting as the book running lead managers for the M&B Engineering IPO.