The share allotment status for the M&B Engineering IPO was finalised on August 4, following the successful subscription.
The mainboard initial public offering of M&B Engineering Ltd. closed with a strong subscription on the last day of bidding. The public issue was subscribed 36.2 times.
The IPO received applications for more than 35.47 crore shares against 97.98 lakh shares on offer.
The price band for the IPO was fixed in the range of Rs 366 to Rs 385 per share. It was a book-building issue worth Rs 650 crore. It comprised a fresh issue of 71 lakh shares, worth Rs 275 crore, and an offer-for-sale (OFS) of 97 lakh shares, amounting to Rs 375 crore.
The company has proposed to utilise proceeds from the IPO to fund capital expenditure, invest in IT software upgrades, clear debt and for general corporate purposes.
