M&B Engineering IPO
Bookbuilding IPO | ₹650.00 Cr | Listing at BSE, NSE
IPO Open
Wed, Jul 30, 2025
IPO Close
Fri, Aug 01, 2025
Price Band
₹366.00 to ₹385.00
Market Cap (Pre-IPO)
₹2,200.00 Cr
IPO Details
| IPO Date | Jul 30, 2025 to Aug 01, 2025 |
| Listing Date | Tentative: Aug 06, 2025 |
| Face Value | ₹10.00 per share |
| Price Band | ₹366.00 to ₹385.00 |
| Lot Size | 38 Shares (Minimum: ₹14,630.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹650.00 Crores |
| Total Shares Offered | 16,888,474 shares |
| Fresh Issue | 7,148,215 shares |
| Offer For Sale | 9,740,259 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 38.63x |
| NII | 40.22x |
| RII | 34.36x |
| Total | 38.11x |
M&B Engineering IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 1,26,23,377 (74.75%) |
| Retail Shares Offered | 16,83,116 (9.97%) |
| NII Shares Offered | 25,24,675 (14.95%) |
M&B Engineering IPO Lot Size
Investors can bid for a minimum of 38 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 38 | ₹14,630 |
| Retail (Max) | 13 | 494 | ₹190,190 |
| S-HNI (Min) | 14 | 532 | ₹204,820 |
| S-HNI (Max) | 68 | 2,584 | ₹994,840 |
| B-HNI (Min) | 69 | 2,622 | ₹1,009,470 |
M&B Engineering Financial Information (Restated Consolidated)
M&B Engineering Ltd.'s revenue increased by 23% and profit after tax (PAT) rose by 69% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 849.21 | 633.11 | 558.79 |
| Total Income | 996.89 | 808.26 | 889.00 |
| Profit After Tax | 77.05 | 45.63 | 32.89 |
| EBITDA | 126.38 | 79.62 | 66.43 |
| NET Worth | 306.53 | 233.03 | 180.51 |
| Reserves and Surplus | 256.53 | 183.03 | 160.51 |
| Total Borrowing | 186.13 | 204.84 | 148.75 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 25.13% |
| ROCE (Return on Capital Employed) | 24.80% |
| Debt/Equity | 0.33 |
| RoNW (Return on Net Worth) | 25.14% |
| PAT Margin (Profit After Tax Margin) | 7.73% |
| EBITDA Margin | 12.78% |
| Price to Book Value | 6.28 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 15.41 | 13.48 |
| P/E (x) | 24.98 | 28.55 |
| Promoter Holding | 100.00% | 70.45% |
Company Promoters
- Girishbhai Manibhai Patel
- Chirag Hasmukhbhai Patel
- Malav Girishbhai Patel
- Birva Chirag Patel
- Vipinbhai Kantilal Patel
- Aditya Vipinbhai Patel
- Leenaben Vipinbhai Patel
- Chirag H Patel Family Trust
- Vipin K Patel Family trust
- MGM5 Family Trust
- MGM11 Family Trust and Aditya V Patel Family Trust are the promoters of the company.
Company Overview
Incorporated in 1981, M&B Engineering Limited is engaged in the business of Pre-Engineered Buildings and Self-Supported Roofing solutions. They manufactures and installed self-supported steel roofing solutions in India.
The Company offers design-led manufacturing solutions, providing design, engineering, manufacturing, and testing to ensure reliable, safe, and high-performance structures, specializing in pre-engineered buildings, structural steel, and steel roofing.
The Company has provided solutions to customers across various sectors, including general engineering, manufacturing, food and beverages, warehousing, logistics, power, textiles, and railways.
The Company operates two manufacturing facilities in Sanand, Gujarat, and Cheyyar, Tamil Nadu, with a combined PEB capacity of 103,800 MTPA. Sanand started in 2008, Cheyyar in 2024.
The Company exports PEBs and structural steel components to 22 countries, including the USA, Brazil, South Africa, Qatar, Sri Lanka, Morocco, Nigeria, Kenya, and Seychelles since Fiscal 2010.
Services:
- Phenix division: The company’s Phenix Division offers integrated manufacturing solutions, including design, engineering, and production of PEBs, using advanced software and equipment to ensure efficiency, quality, and cost-effectiveness in customer projects.
- Proflex Division: Through its Proflex Division, the company manufactures and installs self-supported steel roofing using mobile units at customer sites, producing panels, seaming them, and installing with cranes after civil structure completion.
The company has executed 9,500+ projects until Fiscal 2025 under Phenix and Proflex divisions.
Products:
- Phenix Division: The company manufactures PEBs, including primary structural components (frames, columns), secondary components (purlins, girts), claddings (pre-painted galvalume, PPGL), and standing seam roofs with various coatings.
- Proflex Division: Roof with Reinforced Cement Concrete (RCC) Structure, Roof with Steel Structure and L Section Roof.
Company Strengths
- One of the players in terms of installed capacity in the domestic PEB industry with presence in international markets and market leader in the domestic self-supported roofing industry.
- They provide a wide range of specialised products and services, making us a comprehensive solution provider for our customers.
- Relationships with customers across a diverse set of industries with an order book of Rs 8,428.38 million as of June 30, 2025.
- Strategically located manufacturing facilities for PEBs with comprehensive in-house design and engineering capabilities and 14 mobile manufacturing units for self-supported roofing systems.
Use of Proceeds
| 1) | Funding the capital expenditure requirements for the purchase of equipment and machinery, building works, solar rooftop grid and transport vehicles at the Manufacturing Facilities | 130.58 |
| 2) | Investment in IT software upgradation by the Company | 5.20 |
| 3) | Re-payment or pre-payment of term loans, in full or in part, of certain borrowings availed by the Company | 58.75 |
| 4) | General corporate purposes | 80.47 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
M&B Engineering IPO Peer Comparison
M&B Engineering peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| M & B Engineering | 15.41 | 15.41 | 61.31 | 0.00 | 25.14 | 0.00 | Consolidated |
| Pennar Industries | 8.84 | 8.84 | 73.99 | 25.23 | 11.96 | 0.00 | Consolidated |
| Bansal Roofing Products | 4.20 | 4.20 | 25.13 | 28.39 | 16.71 | 0.00 | Consolidated |
| BirlaNU | -43.63 | -43.63 | 1,606.51 | 0.00 | -2.72 | 0.00 | Consolidated |
| Everest Industries | 2.28 | 2.28 | 377.13 | 0.00 | -0.60 | 0.00 | Consolidated |
| Interarch Building Products | 68.51 | 68.03 | 451.56 | 33.69 | 14.35 | 0.00 | - |
Quick Info
| Sector | Industrials / Engineering / Construction. |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹2,200.00 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Jul 30, 2025 |
| IPO Close | Aug 01, 2025 |
| Allotment Date | Aug 04, 2025 |
| Credit to Demat | Aug 05, 2025 |
| Listing Date | Tentative: Aug 06, 2025 |
Lead Manager(s)
Equirus Capital Pvt.Ltd.
Registrar
MUFG Intime India Pvt.Ltd.
+91-22-4918 6270
Description
- M&B Engineering IPO is a book build issue of ₹650.00 crores. The issue is a combination of fresh issue of 0.71 crore shares aggregating to ₹275.12 crores and offer for sale of 0.97 crore shares aggregating to ₹374.88 crores.
- M&B Engineering IPO bidding started from Jul 30, 2025 and ended on Aug 1, 2025. The allotment for M&B Engineering IPO was finalized on Aug 4, 2025. The shares got listed on BSE, NSE on Aug 6, 2025.
- M&B Engineering IPO price band is set at ₹385.00 per share . The lot size for an application is 38. The minimum amount of investment required by an retail is ₹14,630 (38 shares) (based on upper price). The lot size investment for sNII is 14 lots (532 shares), amounting to ₹2,04,820, and for bNII, it is 69 lots (2,622 shares), amounting to ₹10,09,470.
- The issue includes a reservation of up to 57,306 shares for employees offered at a discount of ₹36.00 to the issue price.