The initial public offering (IPO) of Mangal Electrical Industries received a healthy response on its first day of bidding, August 20, with investors placing bids for 25.45 lakh shares against the total offer of 49.91 lakh shares, resulting in an overall subscription of 0.57 times by the end of Day 1, according to exchange data.
The non-institutional buyers portion subscribed 0.76 times, while the retail investors’ portion was booked 0.74 times. The QIB (Qualified Institutional Buyers) portion was subscribed just 0.13 times.
The company aims to raise ₹400 crore through the offering, which is entirely a fresh issue. The IPO price band is set at ₹533 to ₹561 per share. Retail investors can apply for a minimum of 26 shares in one lot and can apply for up to 13 lots.
At the upper end of the IPO price band, ₹561 apiece, retail investors are required to make a minimum investment of ₹14,586 per lot. The allotment of shares is expected to be finalized on August 25, 2025. The IPO will be listed on the BSE and NSE, with a tentative listing date of August 28, 2025.
On August 19, the company raised ₹120 crore from anchor investors, allocating 2,139,020 equity shares at ₹561 per share. Systematix Corporate Services Limited is the sole book-running lead manager, while Bigshare Services Private Limited is the registrar to the issue.
Some of the marquee institutions that participated in the anchor book include Abakkus Diversified Alpha Fund, LC Pharos Multi Strategy Fund VCC, Société Générale, Finavenue Capital Trust, Swyom India Alpha Fund, Sundaram Alternative Investment Trust, Imap India Capital Investment Trust, Sunrise Investment Trust, Aarth AIF Growth Fund, and Steptrade Revolution Fund.
About the company
Incorporated in 2008, Mangal Electrical Industries Limited is engaged in manufacturing transformers used for the distribution and transmission of electricity in the power sector. The company also manufactures transformer components, including laminations, CRGO slit coils, amorphous cores, coil and core assemblies, wound cores, toroidal cores, and oil-immersed circuit breakers.
The company proposes to utilize the net proceeds from the issue for repayment/prepayment (in full or in part) of certain outstanding borrowings, capital expenditure (including civil works for expanding its Unit IV facility at Reengus, Sikar District, Rajasthan), funding working capital requirements, and general corporate purposes.
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