Legal actions taken by Trilegal and JSA regarding M&B Engineering's ₹650 crore IPO
M&B Engineering Limited, a subsidiary of the M&B Group, has announced its public offering of equity shares worth ₹650 crore. The company, which provides comprehensive turnkey solutions for the industrial and infrastructure sectors, is seeking to raise up to ₹375 crore through an offer for sale of shares by certain selling shareholders and an additional ₹275 crore through a fresh issue of shares.
The IPO process is being managed by ICICI Securities Limited, which is acting as the sole global coordinator and book running lead manager for the offering. The transaction team, led by ICICI Securities, is responsible for overseeing the subscription process, managing the offer for sale, and fresh issue of shares.
Arka Mookerjee, the lead partner for M&B Engineering's IPO transaction team, is supported by a team of associates and partners. Siddhartha Desai, Sharad Panwar, Johann Duckworth, Ayushi Pandit, Aditya Shendye, Anvita Sinha, Prateek Khandelwal, and Govind Roy are all part of the team working on the IPO.
Trilegal is the legal advisor for M&B Engineering in this IPO, while JSA Advocates & Solicitors is the legal advisor for Equirus Capital Private Limited and DAM Capital Advisors Limited, the Book Running Lead Managers, in this offering.
The subscription process for the IPO ended with a 36.20x subscription, indicating strong investor interest in the offering. The exact number of shares to be allotted will be determined after the finalisation of the basis of allotment, which will be based on the demand received during the offer period.
M&B Engineering's IPO marks an important milestone for the company as it looks to expand its operations and strengthen its position in the industrial and infrastructure sectors. The company has a strong track record of delivering high-quality projects and has established itself as a trusted partner for clients in various industries.
With the successful completion of the IPO, M&B Engineering will have additional resources to invest in research and development, technology, and other growth initiatives. The company is well-positioned to capitalise on the growing demand for its services in the Indian market and beyond.
[1] Source: M&B Engineering's Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI) on 23rd February 2023.
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