M&B Engineering IPO - Listing Performance & Details

M&B Engineering Limited was incorporated in 1981 and is headquartered in Ahmedabad, Gujarat. It works in the building materials sector, manufacturing pre-engineered buildings (PEBs) and self-supported steel roofing systems.

The company operates through two divisions: Phenix, which provides PEBs and complex structural steel components, and Proflex, which offers self-supported steel roofing solutions installed on-site using 14 mobile manufacturing units. It held about a 75% market share in India's self-supported steel roofing segment in FY24, according to the RHP, and had a PEB manufacturing capacity of 1,03,800 MTPA and a roofing capacity of 1.8 million square metres per annum as of March 2025, produced across facilities in Gujarat and Tamil Nadu, including a Sanand plant certified by the American Institute of Steel Construction. It has completed over 9,500 projects for more than 2,000 customer groups across sectors including general engineering, food and beverages, warehousing, power, textiles and railways, with clients such as Adani Ports, Tata Advanced Systems and Intas Pharmaceuticals, and has exported to about 22 countries since Fiscal 2010. The promoters are Girishbhai Manibhai Patel, Chirag Hasmukhbhai Patel, Malav Girishbhai Patel, Birva Chirag Patel, Vipinbhai Kantilal Patel, Aditya Vipinbhai Patel and Leenaben Vipinbhai Patel.

Revenue rose 23% to Rs 996.89 crore in FY25 from Rs 808.26 crore in FY24, with profit after tax rising 69% to Rs 77.05 crore in FY25 from Rs 45.63 crore in FY24, as per the RHP. The IPO was a mainboard book-built issue of Rs 650 crore on the NSE and BSE, comprising a fresh issue of Rs 275 crore (71.42 lakh shares) and an offer for sale of Rs 375 crore (97.40 lakh shares) by the promoters, priced at Rs 366-385 per share, and it listed on 6 August 2025. Net proceeds from the fresh issue were earmarked for purchase of equipment, machinery and solar rooftop grids at its facilities (about Rs 130.58 crore), IT infrastructure upgrades (about Rs 5.20 crore), repayment or prepayment of certain term loans (about Rs 58.75 crore), and general corporate purposes.