M&B Engineering IPO 2025: Date, Review, Price, Allotment Details
The M&B Engineering IPO, a mainboard IPO from Ahmedabad-based M&B Engineering Limited, is set to open on July 30, 2025, offering investors a chance to invest in a leading player in the pre-engineered buildings (PEB) and self-supported roofing industry. With a price band of ₹366 to ₹385 per share and an issue size of ₹650 crores, this IPO has garnered attention, though grey market premium (GMP) activity has not started as of July 25, 2025. This article provides a comprehensive overview of the M&B Engineering IPO, including key dates, price details, financial performance, review, and allotment process to guide investors.
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M&B Engineering IPO Details
The M&B Engineering IPO is a book-built issue comprising a fresh issue of ₹275 crores (approximately 71.43 lakh shares) and an offer for sale (OFS) of ₹375 crores (approximately 97.40 lakh shares), totaling ₹650 crores, with a face value of ₹10 per share. Below are the key details based on the Red Herring Prospectus (RHP) and recent updates:
| Particulars | Details |
|---|---|
| IPO Open Date | July 30, 2025 |
| IPO Close Date | August 1, 2025 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹366 to ₹385 per share |
| Issue Size | Approx. ₹650 crores (168.83 lakh shares) |
| Fresh Issue | Approx. ₹275 crores (71.43 lakh shares) |
| Offer for Sale | Approx. ₹375 crores (97.40 lakh shares) |
| Lot Size | 39 shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE & NSE |
| Retail Quota | Not more than 10% |
| QIB Quota | Not more than 75% |
| NII Quota | Not more than 15% |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
| Anchor Investors List | Click Here |
| Book Running Lead Managers | Equirus Capital Private Limited, Dam Capital Advisors Ltd |
| Registrar | MUFG Intime India Private Limited (Link Intime) |
The IPO allocates 75% to Qualified Institutional Buyers (QIBs), 15% to High Net-Worth Individuals (HNIs), and 10% to Retail Individual Investors (RIIs), with an employee reservation portion included. The minimum investment for retail investors is ₹15,015 (39 shares at ₹385).
M&B Engineering IPO Market Lot
The M&B Engineering IPO minimum market lot is 39 shares with a ₹15,015 application amount at the upper price band. Retail investors can apply for up to 13 lots, while HNIs have higher minimums.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 39 | ₹15,015 |
| Retail Maximum | 13 | 507 | ₹1,95,195 |
| S-HNI Minimum | 14 | 546 | ₹2,10,210 |
| B-HNI Minimum | 68 | 2,652 | ₹10,20,420 |
M&B Engineering IPO Dates – Tentative
The key dates for the M&B Engineering IPO are as follows:
| Event | Date |
|---|---|
| IPO Open Date | July 30, 2025 |
| IPO Close Date | August 1, 2025 |
| Basis of Allotment | August 4, 2025 |
| Refunds | August 5, 2025 |
| Credit to Demat Account | August 5, 2025 |
| IPO Listing Date | August 6, 2025 |
Investors can track subscription status on the BSE, NSE, or the registrar’s portal (Link Intime) during the subscription period.
Promoters of M&B Engineering IPO
The promoters of the company are 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.
About M&B Engineering IPO
M&B Engineering Limited, founded in 1982 and headquartered in Ahmedabad, Gujarat, is a leading Indian player in the pre-engineered buildings (PEB) and self-supported roofing industry, operating through its Phenix and Proflex Divisions. As of December 31, 2024, the company has a PEB manufacturing capacity of 1,03,800 metric tonnes per annum (MTPA) and a self-supported roofing capacity of 1.8 million square meters per annum. It serves over 2,000 customer groups, including marquee clients like Adani Group, Tata Advanced Systems, Intas Pharmaceuticals, and Haldiram Foods, with repeat orders contributing significantly to revenue. The Phenix Division has delivered over 1,575 PEB projects across 22 countries, supplying 6,10,000 MT of PEBs and structural steel, while the Proflex Division has completed over 7,825 roofing projects, installing more than 18 million square meters across India. In FY24, the company reported revenue of ₹808.26 crores and a profit after tax of ₹45.63 crores, with a 19.68% return on equity (ROE).
M&B Engineering IPO Company Financial Report
M&B Engineering has shown consistent profitability despite a slight revenue dip in FY24, driven by its strong position in the PEB and roofing sectors. Below is a summary of its financial performance:
| Period Ended | Revenue (₹ Cr) | Expense (₹ Cr) | Profit After Tax (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| 2022 | 698.92 | 675.94 | 16.31 | 547.11 |
| 2023 | 889.00 | 843.52 | 32.89 | 558.79 |
| 2024 | 808.26 | 747.38 | 45.63 | 633.11 |
| Dec 2024 | 680.89 | 613.53 | 48.53 | 781.94 |
The company’s profit after tax grew 38.80% from FY23 to FY24, with a 19.68% ROE and 19.17% ROCE in FY24, reflecting strong financial health.
M&B Engineering IPO Valuation – FY2024
Key valuation metrics for M&B Engineering IPO based on FY24 financials are as follows:
| KPI | Values |
|---|---|
| ROE | 19.68% |
| ROCE | 19.17% |
| EBITDA Margin | 10.01% |
| PAT Margin | 5.65% |
| Debt to Equity Ratio | 0.45 |
| Earning Per Share (EPS) | ₹9.17 (Basic) |
| Price/Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 19.68% |
| Net Asset Value (NAV) | ₹46.61 |
Peer Group Comparison
M&B Engineering compares favorably with peers in the PEB and roofing industry, though its revenue is lower than some larger players:
| Company | EPS | PE Ratio | RoNW % | NAV | Income (₹ Cr) |
|---|---|---|---|---|---|
| Pennar Industries Limited | 7.29 | 23.27 | 11.22% | 64.95 | 3,130.57 |
| Bansal Roofing Products Limited | 2.69 | 34.73 | 12.84% | 20.94 | 105.58 |
| HIL Limited | 46.15 | 63.12 | 2.78% | 1,661.39 | 3,374.97 |
| Everest Industries Limited | 11.42 | 101.11 | 3.01% | 378.37 | 1,575.45 |
| Interarch Building Products Limited | 58.68 | 21.04 | 19.40% | 308.43 | 1,293.30 |
M&B Engineering’s 19.68% RoNW is competitive, aligning closely with Interarch Building Products.
Objects of the Issue
The net proceeds from the fresh issue will be used for:
- Funding capital expenditure for equipment, machinery, building works, solar rooftop grid, and transport vehicles at manufacturing facilities.
- Investment in IT software upgradation.
- Repayment or prepayment of certain borrowings.
- General corporate purposes.
The OFS proceeds will go to the selling promoters.
M&B Engineering IPO Review
The M&B Engineering IPO has generated buzz, with X posts highlighting its ₹650 crore issue size and 10% retail quota, opening July 30, 2025. The company’s price band of ₹366–₹385 reflects confidence in its market position, as noted in posts on X. M&B Engineering is a leading player in the PEB and roofing industry, with a manufacturing capacity of 1,03,800 MTPA for PEBs and 1.8 million square meters for roofing, serving clients like Adani Group and Tata Advanced Systems. Its FY24 financials show a 38.80% PAT growth to ₹45.63 crores, despite a 9.09% revenue dip to ₹808.26 crores, with a 19.68% ROE and 0.45 debt-to-equity ratio, indicating financial stability. For the nine months ended December 2024, revenue was ₹680.89 crores, with a PAT of ₹48.53 crores, suggesting continued growth. The PEB market in India is projected to grow at a 11.8% CAGR from 2023 to 2030, driven by infrastructure and industrial demand, supporting long-term potential. However, the 10% retail quota and high QIB allocation (75%) may limit retail allotments in case of oversubscription, and the price band’s high valuation could be a concern for conservative investors. The absence of GMP data as of July 25, 2025, makes listing gain estimates uncertain.
Recommendation: Suitable for long-term investors with moderate risk tolerance, given strong fundamentals and sector growth. Short-term investors should await GMP trends. Consult a financial advisor before investing.
M&B Engineering IPO Registrar
MUFG Intime India Private Limited (Link Intime)
Phone: +91-22-4918 6270
Email: mbengg.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
IPO Lead Managers aka Merchant Bankers
- Equirus Capital Private Limited
- Dam Capital Advisors Ltd
Company Address
M&B Engineering Ltd.
MB House, 51, Chandrodaya Society,
Opp. Golden Triangle, Stadium,
Post Navjivan,
Ahmedabad, Gujarat, 380014
Phone: +91 79-264637
Email: compliance@mbel.in
Website: http://www.mbel.in/
M&B Engineering IPO FAQs
What is M&B Engineering IPO?
M&B Engineering IPO is a mainboard IPO to raise ₹650 crores via a fresh issue of ₹275 crores and an OFS of ₹375 crores. The issue is priced at ₹366 to ₹385 per share and will list on BSE and NSE.
When will M&B Engineering IPO open for subscription?
The IPO opens on July 30, 2025, and closes on August 1, 2025.
What is M&B Engineering IPO Investors Portion?
The investors’ portion is 75% for QIB, 15% for NII, and 10% for Retail.
How to Apply for the M&B Engineering IPO?
Apply via ASBA online through your bank account or UPI through stock brokers like Zerodha or Upstox. Alternatively, fill an offline IPO form and submit it to your broker.
What is M&B Engineering IPO Issue Size?
The issue size is ₹650 crores, comprising a fresh issue of ₹275 crores and an OFS of ₹375 crores.
What is M&B Engineering IPO Price Band?
The price band is ₹366 to ₹385 per share.
What is M&B Engineering IPO Lot Size?
The minimum lot size is 39 shares, with a ₹15,015 application amount at the upper price band.
What is the M&B Engineering IPO Allotment Date?
The allotment date is August 4, 2025.
What is the M&B Engineering IPO Listing Date?
The listing date is August 6, 2025, on BSE and NSE.
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