Mangal Electrical Industries Files Draft Papers For Rs 450-Crore IPO
Transformer components manufacturer Mangal Electrical Industries Ltd. filed preliminary papers for its initial public offering on Dec. 24.
The IPO is a fresh issue of shares worth Rs 450 crore. There is no offer-for-sale segment. Dates for anchor book and bidding for the issue are yet to be announced.
Promoters of the company include Rahul Mangal, Ashish Mangal, Saroj Mangal and Aniketa Mangal.
Around Rs 96 crore from the fresh issue proceeds will be used for repayment of borrowings availed by the company, while Rs 120 crore will be used as capital expenditure for expanding their Rajasthan facility, Rs 122 crore for funding working capital requirements, and the remaining for general corporate purposes, as per the draft red herring prospectus.
Systematix Corporate Services Ltd. is the banker handling the issue, while Bigshare Services Pvt. Ltd. is the main registrar.
Mangal Electrical Industries Business
Mangal Electrical Industries specialises in the processing of a wide range of transformer components, including transformer laminations, CRGO slit coils, amorphous cores, coil assemblies, core assemblies, wound cores, toroidal cores, and oil-immersed circuit breakers.
Additionally, it engages in the trading of CRGO and CRNO coils, as well as amorphous ribbons. The company also manufactures a variety of transformers, with capacities ranging from single-phase 5 KVA to three-phase 10 MVA units, and offers customised products tailored to the power infrastructure industry. Furthermore, the company provides Engineering, Procurement, and Construction services for the establishment of electrical substations, further contributing to the power infrastructure sector.
Mangal Electrical Industries Financials
As of Nov. 15, 2024, the company's debt pile stood at Rs 209.05 crore.
The company's listed peers include Vilash Transcore Ltd., and Jay Bee Lamination Ltd. Vilash Transcore has a total income of Rs 313.95 crore alongside a P/E ratio of 38.99 and a return on net worth of 15.57%, while Jay Bee Lamination boasts an income of Rs 303.5 crore with a P/E ratio of 35.26 and a return of 36.42%.
For the six months ended September, Mangal Electrical Industries clocked a net profit of Rs 19.74 crore against revenue of Rs 247.02 crore. The company's bottom-line print stood at Rs 20.95 crore for the fiscal ended March 2024, against a topline of Rs 449.49 crore.
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