M&B Engineering shares listed flat at their issue price on the stock exchanges.
The stock later rallied nearly 8% above the listing price during intraday trade.
The positive movement indicates strong investor confidence in the company post-IPO.
Shares of M&B Engineering made a flat market debut on Wednesday listing at par with the issue price of ₹385.
The stock listed at ₹385 on the NSE. Later, it climbed 7.74% to trade at ₹415.60 apiece on the exchange.
On the BSE, the company's stock began the trade at ₹386, up 0.26%. Later, the stock jumped 7.45% to ₹413.70 per piece on the bourse.
The company's market valuation stood at ₹2,379.94 crore on the BSE.
The ₹650-crore initial public offering (IPO) of M&B Engineering Ltd fetched 36.2 times subscription on the closing day of bidding on Friday.
Last week, M&B Engineering Ltd garnered nearly ₹292 crore from anchor investors.
The issue has a price band of ₹366-385.
The ₹650-crore IPO is a mix of fresh issue of equity shares worth ₹275 crore and an offer for sale (OFS) of ₹375 crore by promoters.
Proceeds from the fresh issue will be used for purchasing equipment and machinery for the company's manufacturing facilities, payment of debt, working capital requirements and general corporate purposes.
M&B Engineering is one of the country's leading pre-engineered buildings and self-supported roofing providers in terms of installed capacity (103,800 MTPA related to PEB and 18,00,000 square metres per annum for self-supported roofing).
