M&B Engineering refiles draft paper for Rs 650 crore IPO

M&B Engineering IPO

M&B Engineering, a pre-engineered buildings (PEBs) and self-supported roofing provider, has refiled its draft red herring prospectus with the SEBI on February 17, looking to raise up to Rs 650 crore via an initial share sale.

The IPO is expected to be a combination of fresh issuance of equity shares worth Rs 275 crore, and an offer-for-sale of Rs 375 crore worth of shares by Patel family, the promoters.

In September 2024, the Gujarat-based company had filed draft papers with SEBI for Rs 653-crore IPO, but the capital markets regulator had returned the IPO paper in December 2024.

The steel roofing provider may consider raising up to Rs 55 crore in a pre-IPO round, which, if closed successfully, may reduce the fresh issue component by that amount.

Its business is structured into two divisions: Phenix Construction provides solutions for PEBs and complex structural steel components, and Proflex provides self-supported steel roofing solutions, catering to several industries such as general engineering and manufacturing, food and beverages, warehousing and logistics, power, textiles and railways.

M&B Engineering has executed over 9,400 projects as of December 2024.

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M&B Engineering competes with listed entities like Pennar Industries, Bansal Roofing Products, HIL, Everest Industries, and Interarch Building Products, and plans to spend fresh issue proceeds to purchase equipment and machinery, building works, solar rooftop grid and transport vehicles at manufacturing facilities.

It will invest fresh issue money in software upgradation, repayment of debt, and general corporate purposes.

The book running lead managers handling the public issue are Equirus Capital, and DAM Capital Advisors.