Mangal Electrical IPO Subscribed 1.98 Times On Day 2

Mangal Electrical Industries Ltd.'s initial public offering got subscribed 1.98 times on the second day of bidding on Thursday. The Jaipur-based company manufactures transformers used in electricity distribution and transmission for the power sector.

The mainboard IPO is a book-built issue worth Rs 400 crore. The entire offering comprises a fresh issue of 71 lakh equity shares, with no offer-for-sale component. Investors can bid for at least a single lot size of 26 shares, amounting to a minimum investment of Rs 13,858 for retail investors.

For small non-institutional investors, the minimum bid is 14 lots (364 shares) amounting to Rs 2,04,204, while for big non-institutional investors (bNII), the minimum application size is 69 lots, or 1,794 shares, translating to an investment of Rs 10,06,434.

The company’s shares are tentatively scheduled to list on the BSE and NSE on Aug. 28. Systematix Corporate Services Ltd. is acting as the book-running lead manager for the Mangal Electrical IPO, while Bigshare Services Pvt. Ltd. has been appointed as the issue’s registrar.

• IPO opens: Aug. 20

• IPO closes: Aug. 22

• Issue size: 71 Lakh shares

• Price Band: Rs 533-561

• Fresh issue: Rs 400 crore

• Tentative allotment date: Aug. 26

• Tentative listing date: Aug. 28

Mangal Electrical IPO was subscribed 1.98 times as of 5 p.m. on Thursday.

• Qualified Institutions: 0.13 times

• Non-Institutional Buyers: 4.2 times

• Retail Investors: 2.08 times

Grey Market Premium for Mangal Electrical is at Rs 34 as of 6:58 p.m., as per details on Investorgain website. According to GMP, Mangal Electrical is expected to list at Rs 595 apiece, which implied 6.06% premium over issue price.