The Securities and Exchange Board of India (SEBI) has returned the draft papers filed by M&B Engineering for its Rs 653-crore Initial Public Offering (IPO). According to SEBI’s update on December 10, the Gujarat-based company had filed the draft documents on September 25 to raise funds through a combination of fresh equity issuance worth Rs 325 crore and an offer-for-sale (OFS) of Rs 328 crore by its promoters.
M&B Engineering is a leading player in the Indian pre-engineered buildings and self-supported steel roofing solutions market, with a market share of about 75% as of FY24. The company operates through two divisions: the Phenix division, focusing on PEBs and complex structural steel components, and the Proflex division, which deals with self-supported steel roofing solutions.
Equirus Capital and DAM Capital Advisors were the book-running lead managers for the issue. However, SEBI’s decision to return the draft papers has paused the company’s IPO plans for now. The reasons for the regulator’s move were not disclosed.
In a related update, SEBI has given green light to draft papers of DAM Capital Advisors’ IPO which was an OFS by existing stakeholders only. The Rs 4,000-crore IPO proposal of JSW Cement has been kept in abeyance since September.
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Source: Moneycontrol
News Desk
