Mangal Electrical's Market Debut Misses Spark Despite Solid Subscription

2025-08-28 02:00:33

(MENAFN- AsiaNet News)

Mangal Electrical Industries made a subdued market debut on Thursday, with shares listing below the issue price on both Indian exchanges. The stock opened at ₹556 on the NSE, a discount of 0.89% to its issue price of ₹561, and at ₹558 on the BSE, down 0.5% from the IPO price.

At the time of writing, the stock was trading at ₹558.50 on the NSE.

IPO Details

The public issue had attracted strong investor interest, with overall subscription of 9.95 times. Against 49.91 lakh shares on offer, the IPO received 4.96 crore bids. The retail portion was subscribed 5.09 times, non-institutional investors (NIIs) bid aggressively at 19.78 times, while the qualified institutional buyers (QIBs) quota was subscribed 11.09 times.

The ₹400-crore issue was entirely a fresh offering of 0.71 crore equity shares, priced at a band of ₹533 to ₹561 per share.

Proceeds will be used primarily for repayment or prepayment of existing borrowings, capital expenditure to expand Unit IV at Reengus in Rajasthan, working capital needs, and other general corporate purposes, the company said.

Systematix Corporate Services acted as the book-running lead manager, while Bigshare Services served as the registrar.

Mangal Electrical Industries manufactures transformer components.

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