M B Engineering shares end over 6 pc higher after flat market debut

     New Delhi, Aug 6 (PTI) Shares of M&B Engineering closed higher by 6 per cent at Rs 409.15 in the debut trade on Wednesday.
     The stock listed flat Rs 386 on the BSE compared to the issue price of Rs 385. During the day, it gathered momentum and climbed 8.79 per cent to Rs 418.85 against the issue price. Shares of the company finally ended at Rs 409.15, up 6.27 per cent on the exchange.
     On the NSE, the stock got listed at par with the issue price of Rs 385. Later, it surged 8.8 per cent to Rs 418.80 apiece in the intra-day trade. The stock ended at Rs 405.25, a gain of 5.26 per cent.
     At the close, the company commanded a market valuation of Rs 2,338.22 crore on the BSE.
     In volume terms, nearly 1.54 crore equity shares were traded on the NSE and 18.45 lakh shares changed hands on the BSE, during the day.
     The Rs 650-crore initial public offering (IPO) of M&B Engineering Ltd fetched 36.2 times subscription on the closing day of bidding on Friday. Last week, M&B Engineering Ltd garnered nearly Rs 292 crore from anchor investors. The issue has a price band of Rs 366-385.
     The Rs 650-crore IPO is a mix of fresh issue of equity shares worth Rs 275 crore and an offer for sale (OFS) of Rs 375 crore by promoters.
     Proceeds from the fresh issue will be used for purchasing equipment and machinery for the company's manufacturing facilities, payment of debt, working capital requirements and general corporate purposes.
     M&B Engineering is one of the country's leading pre-engineered buildings and self-supported roofing providers in terms of installed capacity (103,800 MTPA related to PEB and 18,00,000 square metres per annum for self-supported roofing).

(This story has not been edited by THE WEEK and is auto-generated from PTI)