M&B Engineering made its stock market debut on August 6, 2025, with a flat listing at ₹385 per share on the NSE, matching the upper end of its IPO price band.
Despite high expectations in the grey market, the listing did not deliver the anticipated premium.
Market Performance on Listing Day
- NSE Listing Price: ₹385 per share
- BSE Listing Price: ₹386 per share
- IPO Price Band: ₹366 – ₹385
- Market Capitalization at Listing: ₹2,303.07 crore
- IPO Subscription: 36.2 times (July 30 – August 1)
The share price opened in line with the issue price, reflecting neutral market sentiment at the time of listing.
Main News: Strong IPO, Yet Flat Market Debut
The ₹650-crore IPO of M&B Engineering Ltd. witnessed a robust response, getting subscribed 36.2 times. However, the listing day response remained muted as shares opened flat on the stock exchanges.
This outcome came in contrast to the grey market premium, which indicated an expected listing gain of over 14% prior to debut.
Company Overview: M&B Engineering Ltd
M&B Engineering is a significant player in the pre-engineered buildings (PEB) and self-supported roofing solutions segment in India.
Key Operational Highlights:
- Installed Capacity for PEB: 103,800 MTPA
- Installed Capacity for Roofing: 1.8 million square metres annually
- Project Portfolio: Executed over 9,500 projects across 22 countries
The company operates through two main divisions:
- Phenix: Focused on complex steel fabrication
- Proflex: Specializes in roofing solutions
The firm also boasts strong in-house design and project management capabilities, giving it an edge in execution.
Use of IPO Proceeds
M&B Engineering intends to utilize the funds raised from the IPO for multiple operational purposes:
- Purchase of equipment and machinery
- Repayment of debts
- Working capital needs
- General corporate expenses
These steps aim to enhance the company’s manufacturing capacity and operational strength.
Financial Snapshot
While detailed post-IPO valuation metrics like NAV remain undisclosed, available data indicates a solid performance trajectory.
Revenue & Profit Growth:
- Profit in FY24: ₹45.6 crore
- Profit in FY25: ₹77.1 crore
- Growth: Approximately 69% YoY
This growth is driven by enhanced operating efficiency and an increased focus on higher-value contracts.
Summary
Despite strong demand in the IPO phase and a substantial market cap of ₹2,303 crore on debut, M&B Engineering share price listed flat at ₹385. The company’s listing performance came below grey market expectations.
Backed by strong infrastructure capabilities and a vast project portfolio, M&B Engineering positions itself as a key player in India’s growing PEB and roofing solutions market. With robust capacity and pan-India execution experience, the firm is set to enhance its presence further with the strategic use of IPO proceeds.
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