M&B Switchgears' IPO subscribed 1.57 times

Transformer manufacturer M and B Switchgears’ initial public offer had been subscribed 1.57 times till 5.30 pm on Wednesday, according to data on the National Stock Exchange website. The issue closed with total bids touching 7.84 million equity shares.

The company entered the capital markets on September 28, with a public issue of 5 million equity shares of Rs 10 each, through 100 per cent book building in the price band of Rs 180-186 per equity share. The company manufactures distribution, power, furnace and special purpose transformers. D&A Financial Services was the sole book-running lead manager.