M&B Engineering Ltd made a lacklustre debut on the stock exchanges today, listing flat at ₹385 — the upper end of its IPO price band. Despite strong expectations and grey market premium (GMP) indicating likely gains, the stock failed to show any listing pop.
The ₹650 crore IPO was subscribed 38.11 times overall, with high demand across investor categories. The Qualified Institutional Buyers (QIBs) portion was subscribed 38.63 times, Non-Institutional Investors (NIIs) 40.22 times, and the retail quota 34.36 times. The public issue, which ran from July 30 to August 1, had a price band of ₹366 to ₹385 per share.
M&B Engineering provides pre-engineered building solutions and was expected to benefit from India’s infrastructure growth narrative. The flat listing has surprised market participants, especially in light of the strong oversubscription and market sentiment.
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