Mangal Electrical Industries Share Price Lists At Small Discount To IPO Offer

Mangal Electrical Industries Ltd. made an underwhelming debut on the stock market on Thursday, listing at a discount of 0.5%. The shares began trading at Rs 556 on the NSE and Rs 558 on the BSE. The issue price was Rs 561.

The IPO received a strong investor response, with the issue being oversubscribed by 9.46 times on the third and last day of bidding on Friday, Aug. 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.

Mangal Electrical Industries 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.