July 25, 2025
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M&B Engineering IPO – Rs. 650 Cr Issue on 30 July 2025; Equirus Capital as BRLM
M&B Engineering Ltd is coming up with a Rs. 650 crore IPO through the book-building route, comprising a fresh issue of Rs. 275 crore and an offer for sale (OFS) of Rs. 375 crore by existing shareholders.
The IPO will open for subscription from July 30 to August 1, 2025, with the allotment expected on August 04, and tentative listing on August 06, 2025, on both BSE and NSE.
The price band has been set at Rs.366 to Rs.385 per share, and the lot size is 38 shares. Retail investors will need a minimum investment of Rs.14,630, while sNII and bNII categories require 14 lots (Rs.2,04,820) and 69 lots (Rs.10,09,470) respectively.
Equirus Capital Pvt Ltd is acting as the book-running lead manager, while MUFG Intime India Pvt Ltd (Link Intime) is appointed as the registrar to the issue.
Table of Contents
- GMP
- Reviews
- Subscription
- Allotment
What is the latest news relating to M&B Engineering IPO?
The IPO has received Sebi nod and will enter the market on 30 July 2025. The listing is tentatively on 6th August 2025
Who are the promoters of M&B Engineering IPO?
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.
What are the Objects of M&B Engineering IPO?
The Offer comprises only fresh issue of capital.
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Funding the capital expenditure requirements for the purchase of equipment and machinery, building works, solar rooftop grid and transport vehicles at our Manufacturing Facilities
- Investment in IT software upgradation by our Company
- Re-payment or pre-payment of term loans, in full or in part, of certain borrowings availed by our Company.
- General corporate purposes
What is the business of M&B Engineering?
M&B Engineering Ltd – Specialist in Pre-Engineered Buildings and Self-Supported Steel Roofing
Incorporated in 1981, M&B Engineering Ltd is a well-established player in the Pre-Engineered Buildings (PEB) and Self-Supported Roofing segment. The company provides design-led, turnkey structural solutions—from design and engineering to manufacturing, testing, and installation—delivering safe, high-performance structures.
M&B Engineering operates through two divisions:
🔹 Phenix Division
This division focuses on the manufacturing and export of PEBs and structural steel components. With over 15 years of experience, Phenix has completed 1,575 projects, supplying more than 6.1 lakh MT of steel structures across 22 countries, including the USA, Brazil, South Africa, Qatar, Nigeria, and Sri Lanka. Its offerings include primary and secondary structural components, pre-painted claddings, and standing seam roofs.
🔹 Proflex Division
This division specializes in self-supported steel roofing systems, installed directly at customer sites using mobile manufacturing units. Proflex has installed over 18 million square meters of roofing across 7,825 projects in India, serving diverse industries like manufacturing, logistics, warehousing, food & beverage, and power.
🏭 Manufacturing Footprint
The company operates two manufacturing facilities—at Sanand (Gujarat) and Cheyyar (Tamil Nadu)—with a combined PEB production capacity of 1,03,800 MTPA. The Sanand facility commenced in 2008, while Cheyyar began operations in 2024.
M&B Engineering’s integrated capabilities and wide industry reach position it as a significant player in India’s growing infrastructure and industrial space.
M&B Engineering IPO Details
| IPO opens on | 30 July 2025 |
| IPO closes on | 1 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 16888,470 Shares/ Rs. 650 Crore |
| * Fresh Issue | Rs 275 Crore |
| * Offer for Sale | Rs 375 Crore |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. 366-385 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 36 per share |
| Retail Lot Size | 38 Shares |
| Listing will at | BSE, NSE |
| Shares offered in this IPO? |
Shares | Rs. in Crore |
| QIB | 486.00 | |
| NII | 97.20 | |
| RII | 1683100 | 64.80 |
| Employees | 57,300 | 2.00 |
| Total Shares | 16888470 | 650.00 |
| Retail portion will be oversubscribed by | ? Forms. | |
| How to apply in this IPO? | Amount Rs. |
|
| Min Retail Application | 38 | 14,630 |
| Max Retail Application | 494 | 1,90,190 |
| Small HNI (Min) | 532 | 2,04,820 |
| Small HNI (Max) | 2584 | 9,94,840 |
| Big HNI Application | 2622 | 10,09,470 |
| What is the timetable of this IPO? | |
| IPO opens on | |
| IPO Closes on | |
| IPO Allotment on | |
| Unblocking of Asba | |
| Credit of Shares | |
| Listing of Shares | |
| Registered Office of the company M&B Engineering Ltd. MB House, 51, Chandrodaya Society, Opp. Golden Triangle, Stadium Post Navjivan, Ahmedabad, Gujarat, 380014 |
|
| The Lead Managers of IPO? Equiras Capital Pvt ltd DAM Capital Advisors Ltd |
|
| Registrar to IPO | |
| Mufg Intime India Pvt ltd |
M&B Engineering IPO Financials
| Period Ended | 31-Dec-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
| Assets | 781.94 | 633.11 | 558.79 | 547.11 |
| Revenue | 680.89 | 808.26 | 889 | 698.92 |
| Profit After Tax | 48.53 | 45.63 | 32.89 | 16.31 |
| EBITDA | 84.81 | 79.62 | 66.43 | 41.83 |
| Net Worth | 278.47 | 233.03 | 180.51 | 145.1 |
| Reserves and Surplus | 228.47 | 183.03 | 160.51 | 125.1 |
| Total Borrowing | 139.77 | 204.84 | 148.75 | 99.58 |
| Amount in Rs. Crore | ||||
| KPI | Values |
|---|---|
| ROE | 19.68% |
| ROCE | 19.17% |
| Debt/Equity | 0.45 |
| RoNW | 19.68% |
| PAT Margin | 5.65% |
| EBITDA Margin | 10.01% |
How M&B Engineering IPO compares with the Peers?
Peer Comparison.
| Company Name | P/E (x) | RoNW (%) |
| M&B Engineering Limited | 24.98 | 19.68 |
| Pennar Industries Ltd. | 23.27 | 11.22 |
| Bansal Roofing Products | 34.73 | 12.84 |
| Hil Ltd. | 63.12 | 2.78 |
| Everest Industries Ltd. | 101.1 | 3.01 |
| Interarch Building Products | 21.04 | 19.4 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
M&B Engineering IPO Review by Paresh Gordhandas, CA & Research Analyst.
Soon we will post our IPO review
Quicklinks
M&B Engineering IPO
M&B Engineering IPO GMP
M&B Engineering IPO review
M&B Engineering Ltd is engaged in the design, manufacturing, and installation of Pre-Engineered Buildings (PEBs) and self-supported steel roofing systems. It offers complete structural solutions under two divisions—Phenix and Proflex—catering to industries like manufacturing, logistics, power, warehousing, and infrastructure.
The company operates two key divisions:
Phenix Division – Manufactures and exports PEBs and structural steel components.
Proflex Division – Specializes in self-supported steel roofing systems installed at client sites using mobile units.
M&B Engineering operates two manufacturing plants:
Sanand, Gujarat – Operational since 2008
Cheyyar, Tamil Nadu – Operational since 2024
Combined, they offer a production capacity of 1,03,800 MTPA.
The company has over 15 years of experience in pre-engineered buildings and roofing solutions. The Phenix Division has completed 1,575 projects, while the Proflex Division has installed roofing across 7,825 projects, covering 18 million sq. meters.
