Civil Construction company, M & B Engineering Ltd, made its stock market debut on Wednesday (August 06), with a boring response from investors. The stock got listed at Rs 385 on the National Stock Exchange (NSE), which same as the issue price. While on the Bombay Stock Exchange (BSE), M & B Engineering Ltd was listed at Rs 386, just a Rupee more than NSE.Stock jumped post listingDespite the flat listing, the stock zoomed to gain nearly 9 per cent to hit an intraday high of Rs 418.80. As of 01:05 pm, M&B Engineering Ltd was trading at Rs 405, up Rs 20 or 5.19 per cent from the listing price. The company's current valuation lies at Rs. 2,315.93, according to the Bombay Stock Exchange's (BSE) official website. The Rs 650-crore initial public offering (IPO) of M&B Engineering Ltd attracted about 36.2 times subscription on the closing day of bidding on Friday.M & B Engineering listing did not go in line with the Grey market signalsAhead of listing, multiple websites tracking GMP (grey market premium) for the company's IPO were around Rs 48, indicating a potential listing price of around Rs 433 per share, around 12.47 per cent premium over the upper price band of Rs 385.About the IPOThe M&B Engineering announced that 75 per cent of the offer size was reserved for qualified institutional buyers. While 15 per cent for non-institutional investors and the remaining 10 per cent is for retail investors.Additionally, the company garnered nearly Rs 292 crore from anchor investors ahead of its initial share sale opening for public subscription. This anchor portion witnessed participation from domestic and foreign institutional investors, including HDFC Mutual Fund, Kotak MF, WhiteOak Capital MF, Aditya Birla Sun Life MF, Abu Dhabi Investment Authority and Bandhan MF.
M&B Engineering share price rallies 9% after flat listing; check market valuation , IPO details
