Mangal Electrical Industries IPO Listing: Shares list at ₹556 on NSE, down 0.89% from issue price

Mangal Electrical Industries IPO Listing: Mangal Electrical Industries shares made a muted debut on the bourses on Thursday, August 28, listing at ₹556 on NSE, a discount of 0.89 per cent to their issue price of ₹561. Meanwhile, on BSE, Mangal Electrical share price listed at ₹558, down half a per cent from the IPO price.

The Mangal Electrical Industries IPO received a robust demand from investors, closing with an overall subscription of 9.95 times. The issue saw 4.96 crore bids against 49.91 lakh shares on offer. A breakdown of the subscription by investor categories shows that the retail quota was oversubscribed 5.09 times, the non-institutional investors (NIIs) segment drew a heavy response at 19.78 times, while the qualified institutional buyers (QIBs) portion was fully subscribed at 11.09 times.

Mangal Electrical IPO Details

The ₹400-crore public issue of Mangal Electrical Industries was entirely a fresh issue, comprising 0.71 crore equity shares worth ₹400 crore.

According to the company, the net proceeds from the offering will be utilised for several objectives, including repayment or prepayment, either in part or in full, of certain existing borrowings. A part of the funds will also be directed towards capital expenditure, including civil works, to support the expansion of its Unit IV manufacturing facility at Reengus in the Sikar district of Rajasthan. Additionally, proceeds will go towards meeting working capital requirements and for other general corporate purposes.

The IPO had a price band fixed between ₹533 and ₹561, with a minimum lot size of 26 equity shares. For retail investors, this translated into a minimum investment of ₹13,858 (for 26 shares).

Systematix Corporate Services Ltd acted as the book-running lead manager of the issue, while Bigshare Services Pvt. Ltd was appointed as the registrar.

About the Company

Mangal Electrical Industries Ltd, originally incorporated in 2008 and later converted into a public limited company in 2024, is headquartered in Jaipur. The company is engaged in the manufacturing of transformer components, complete transformers, and EPC substation solutions.

Its product portfolio includes laminations, CRGO slit coils, amorphous, wound and toroidal cores, coil-core assemblies, and oil-immersed circuit breakers. Alongside its manufacturing activities, the company also provides turnkey EPC services for electrical substations.

On the financial front, the company reported steady growth in recent years. Revenue rose from ₹315.80 crore in FY23 to ₹551.39 crore in FY25, while profit after tax (PAT) increased from ₹17.55 crore to ₹47.31 crore over the same period.

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