M&b Engineering Ltd

M&B Engineering Ltd is into the business of pre-engineered buildings and self-supported roofing solutions. It offers the complete gamut of design, engineering, and execution services to the clients. Its client base extends across a span of industries like food, beverages, warehousing,  logistics, power, textiles etc. It has two manufacturing units located at Gujarat and Tamil Nadu, with combined capacity of 1,03,800 MTPA. 

The fresh funds will be used for Capex, upgradation of IT software, and for repayment / prepayment of borrowings. The promoters of M&B Engineering Ltd are Girish Patel, Chirag Patel, Malav Patel, Birva Patel, and others. The IPO will be lead managed by Equirus Capital and DAM Capital; while MUFG Intime India Private Ltd will be the IPO registrar. The company is headquartered in Ahmedabad in Gujarat. 

Highlights Of The IPO Issue

Here are the key highlights of the public issue of M&B Engineering Ltd. 

1.  The IPO of will be open from July 30th, 2025 to August 01st, 2025. It  has a face value of ₹10 per share and the IPO price band is set in the range of ₹366 to ₹385 per share.
2. The IPO of M&B Engineering Ltd will be a combination of fresh issue and an offer for sale (OFS) component.
3. The fresh portion of the IPO comprises the issue of 71,42,857 shares (71.43 lakh shares), which at the upper price band of ₹385 per share translates into ₹275.00 crore.
4. The Offer for Sale (OFS) in the IPO comprises the issue of 97,40,259 shares (97.40 lakh shares), which at the upper price band of ₹385 per share translates into ₹375.00 crore.
5. The overall IPO comprises of a fresh issue and OFS of 1,68,83,116 shares (168.83 lakh shares) worth ₹650.00 crore at the upper band price of ₹385 per share. 

The IPO of M&B Engineering Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of M&B Engineering Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of M&B Engineering Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 38 shares) 

Financial Highlights

The table captures the key financials of M&B Engineering Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has seen steady growth in top line and net profits in last 3 years. The PAT margins have progressively moved up to 7.79% in last 2 years. The company has reported ROE of around 18-25% range in the last 3 years. The asset turnover ratio also hints at efficient utilization of assets, although that ratio has shown a slight decline. 

Valuation Metrics

If one considers the latest year EPS of ₹15.41 per share, the P/E ratio works out to 24.8X on the IPO price of ₹385 per share. However, this tends to be a cyclical business and as we have seen above, the sales growth has been occasionally erratic. M&B Engineering Ltd does have some intangibles favouring them. They are one of the leading players in the pre-engineered buildings space and that gives them substantial bargaining power. It has a ₹850 crore order book, which is nearly equal to one year sales, so the flows are likely to be comfortable. IPO investors can look at the issue as a long-term addition to the portfolio. 

A Brief On The Anchor Allocation

The anchor issue of M&B Engineering Ltd saw a relatively strong response on 29th July 2025 with 43.60% of the IPO size absorbed by anchors. Out of 1,73,72,335 shares (173.72 lakh shares) on offer, anchors picked up 75,74,026 shares (75.74 lakh shares) accounting for 43.60% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹385 per share. This includes the face value of ₹10 per share plus a share premium of ₹375 per share. The anchor bidding opened and closed on 29th July 2025.  

Key Points To Note In The Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of M&B Engineering Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 29th July 2025, M&B Engineering Ltd allotted 75,74,026 shares to 24 anchor investors. The allocation was done at the upper IPO price band of ₹385 per share which resulted in overall anchor allocation of ₹291.60 crore. The anchors have already absorbed 43.60% of the total issue size of ₹668.83 crore. Listed below are top-10 anchor investors in the IPO who accounted for anchor collection of ₹198.75 crore or 68.16% of total anchor allocation. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20250729-50&attachedId=4c341d2e-efef-44fb-b62c-eec29ac74c28 

Out of the 75,74,026 shares allocated to the anchors in the IPO, a total of 44,80,494 shares were allocated to domestic mutual funds registered with SEBI. This allocation was spread across 14 mutual fund schemes belonging to 7 asset management company (AMCs). The mutual fund allocation in the anchor portion amounted to 59.16% of total anchor size. 

Next Steps In The M&b Engineering Ltd IPO

Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025 under ISIN (INE08N601015). 

IPO Subscription Status On Day-1

As of 6.20 pm on 30th July 2025, out of the 97.98 lakh shares on offer in the IPO (excluding anchor portion), M&B Engineering Ltd saw bids for 64.82 lakh shares. This implies an overall subscription of 0.66X at a macro level. The granular break-up of subscriptions as of the close of the first day of the IPO of M&B Engineering Ltd was as under: 

The subscriptions were led by the Retail investors followed by the HNI / NII investors and QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to August 01, 2025, at which point we will know the final subscription status of the IPO. 

Next Steps In The M&b Engineering Ltd IPO

Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025 under ISIN (INE08N601015). 

IPO Subscription Status On Day-2

As of 5.15 pm on 31st July 2025, out of the 97.98 lakh shares on offer in the IPO (excluding anchor portion), M&B Engineering Ltd saw bids for 287.68 lakh shares. This implies an overall subscription of 2.94X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of M&B Engineering Ltd was as under: 

The subscriptions were led by the Retail investors followed by the HNI / NII investors and QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to August 01, 2025, at which point we will know the final subscription status of the IPO. 

Next Steps In The M&b Engineering Ltd IPO

Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025 under ISIN (INE08N601015). 

IPO Subscription Status On Day-3

As of 7.08 pm on 01st August 2025, out of the 97.98 lakh shares on offer in the IPO (excluding anchor portion), M&B Engineering Ltd saw bids for 3,547.19 lakh shares. This implies an overall subscription of 36.20X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of M&B Engineering Ltd was as under: 

The subscriptions were led by the HNI / NII investors followed by the QIB investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO has closed for subscription as of the close of August 01, 2025. The subscription data in the above table captures the IPO subscription final data for the IPO. 

Next Steps In The M&b Engineering Ltd IPO

Post the closure of the IPO subscription on 01st August 2025, the basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025 under ISIN (INE08N601015). 

About The M&b Engineering Ltd IPO

The IPO of M&B Engineering Ltd opened on July 30th, 2025 and closed on August 01st, 2025. The overall IPO comprised of a fresh issue and OFS of 1,73,72,335 shares (173.72 lakh shares) worth ₹668.83 crore at the upper band price of ₹385 per share. The allotment status will be finalized by end of day (EOD) of August 04, 2025. Here is how to check your allotment status for the IPO of M&B Engineering Ltd. You can check IPO status on BSE or on NSE, or on the IPO Registrar website (MUFG Intime India). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option
2. Under Issue Name – Select M&B Engineering Ltd   from the drop down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .OR. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of M&B Engineering Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select MBEL from the drop down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .AND. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of M&B Engineering Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10 character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call. 

Next Steps In The M&b Engineering Ltd IPO

The basis of allotment will be finalized on 04th August 2025 and the refunds will be initiated on 05th August 2025. In addition, the demat credits are expected to also happen on 05th August 2025 and the stock will list on 06th August 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 05th August 2025 under ISIN (INE08N601015).