IPO
Transformer maker Mangal Electrical’s IPO oversubscribed 2.92 times
Jaipur-based electric transformer manufacturer Mangal Electrical ’s initial public offer (IPO) was oversubscribed 2.92 times. The issue received bids for 1.53 crore shares against 52.53 lakh shares on offer. The price per share was set between INR 533 and INR 561.The portion reserved for the Non-Institutional Investors (NIIs) category got oversubscribed by 6.68 times and the Retail Individual Investors (RIIs) segment by 2.90 times. The Qualified Institutional Buyers (QIBs) category was undersubscribed at 0.14 times.The net proceeds from the IPO will be used for repaying debt and capital expenditure.Systematix Corporate Services is the sole book-running lead manager to the issue.Founded in 1989, Mangal Electrical Industries manufacturers transformer components, including CRGO slit coils, laminations, amorphous cores, and oil-immersed circuit breakers.
For FY24, Mangal Electricals Industries had reported about INR 449 Cr in Operating Income and about INR 22 Cr in PAT.
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