The SEBI in its update on December 10 said it has returned the draft papers of M&B Engineering on December 5. The pre-engineered buildings and self-supported roofing provider had filed preliminary papers with the capital markets regulator on September 25 to raise Rs 653 crore via an initial public offering.
The IPO was a combination of fresh issuance of Rs 325 crore, and an offer-for-sale of Rs 328 crore worth shares by promoters.
Gujarat-based M&B Engineering claimed to be the largest player in terms of revenue for the manufacturing and installation of self-supported steel roofing solutions in India with a market share of 75 percent as per the fiscal 2024. Its business is divided into two segments - Phenix division provides solutions for PEBs and complex structural steel components; and proflex division provides self-supported steel roofing solutions.
The book running lead managers handling the issue were Equirus Capital, and DAM Capital Advisors.
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Meanwhile, the capital markets regulator approved preliminary papers of DAM Capital Advisors, headed by veteran investment banker Dharmesh Mehta. The IPO comprises of solely an offer-for-sale of 3.2 crore equity shares by Multiples Alternate Asset Management, Narotam Satyanarayan Sekhsaria, RBL Bank, and Easyaccess Financial Services, and promoter Dharmesh Anil Mehta.
However, the proposed Rs 4,000-crore IPO of JSW Cement has been maintained on hold by the regulator since September.
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