Mangal Electrical IPO Allotment Soon: Check Steps To Verify Status And Latest GMP

The initial public offering (IPO) of Mangal Electrical Industries Ltd. received a strong investor response, with the issue being oversubscribed by 9.46 times on the third and last day of bidding on Friday, August 22.

The mainboard IPO received bids for more than 4.96 crore shares against 52.53 lakh shares on offer.

The Qualified Institutional Buyers (QIBs) subscribed their quota 10.54 times, while the Non-Institutional Investors (NIIs) booked their segment 18.79 times. The retail portion of the Mangal Electrical IPO was booked 4.84 times.

Mangal Electrical IPO was a book-built issue worth Rs 400 crore. The mainboard IPO comprised entirely a fresh issue of 71 lakh shares. The price band for the IPO was set between Rs 533 and Rs 561 per share.

Following the strong subscription, the company is scheduled to finalise the IPO share allotment status on August 25. Refunds are expected to be initiated on August 26. The company will also transfer shares to the Demat accounts of successful bidders on the same day.

Mangal Electrical IPO listing date has been tentatively fixed as August 28. Shares of the company will be listed on the NSE and BSE.

Investors who participated in the Mangal Electrical IPO subscription can check the allotment status on the websites of BSE, NSE and the issue registrar, Bigshare Services Pvt.

Open the BSE IPO allotment page here - https://www.bseindia.com/static/investors/application_statuschecksystem.aspx.

Select the issue type as “Equity”.

Choose “Mangal Electrical Industries Ltd.” from the dropdown menu.

Enter your application number or PAN.

Complete the Captcha for verification.

Click the “Search” button to check your allotment status.

Go to the IPO allotment page on the NSE website here - https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids.

Select “Equity & SME IPO bid details”.

Choose the company symbol "MEIL" from the dropdown menu.

Enter your PAN and Application Number.

Click “Submit” to view your share allotment details.

Visit the IPO allotment page on the Bigshare Services website here - https://www.bigshareonline.com/ipo_allotment.html.

Choose any one of the three available servers.

Select “Mangal Electrical Industries Ltd.” from the company dropdown menu.

Enter your PAN, Application/CAF Number, or DP/Client ID.

Complete the captcha verification.

Click Search to check your share allotment status.

According to InvestorGain, the grey market premium (GMP) for Mangal Electrical IPO stood at Rs 19 as of 3:00 pm on August 25. Based on the upper end of the price band of Rs 561, the IPO is expected to list at around Rs 580 (cap price plus GMP). This suggests a potential gain of about 3.39% per share.

Note: GMP does not represent official data and is based on speculation.

Mangal Electrical Industries Ltd. was formed in 2008. It manufactures transformers used in the distribution and transmission of electricity. The company also processes transformer components and sells its products under the brand name ‘Mangal Electrical.’ In addition, it provides EPC services for setting up electrical substations. Mangal Electrical Industries Ltd. has five production facilities in Rajasthan.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.