The issue received bids of 28,44,660 shares against the offered 52,53,301 equity shares, at a price band of Rs533-561
FinTech BizNews Service
Mumbai, August 20, 2025: The Initial Public Offering of Mangal Electrical Industries Limited was subscribed 54% on the first day of bidding.
The issue received bids of 28,44,660 shares against the offered 52,53,301 equity shares, at a price band of Rs533-561, according to the data available on the stock exchanges.
Non-Institutional Investors Portion and Retail Portion were subscribed 72% and 70% respectively, whereas Qualified Institutional Buyer Portion was subscribed 12%. The issue kicked off for subscription on Wednesday, August 20, 2025, and will close on Friday, August 22, 2025.
A day before the opening of the issue, Mangal Electrical Industries Ltd raised Rs 120 crores from anchor investors. Some of the marquee Institutions that participated in the anchor includes Abakkus Diversified Alpha Funds, LC Pharos Multi Strategy Fund VCC, Societe Generale, Finavenue Capital Trust, Swyom India Alpha Fund, Sundaram Alternative Investment Trust, Imap India Capital Investment Trust, Sunrise Investment Trust, Aarth AIF Growth Fund, Steptrade Revolution Fund.
Leading brokerage firms like Anand Rathi, SBI Securities, Nirmal Bang, IIFL Capital, CanMoney Securities, Adroit Financial Service, Eureka Stocks, Ventura Securities, SMIFS, have given a “Subscribe” rating to the issue highlighting the company’s strong position in transformers and components with approvals up to 765 kV, five modern facilities, and a diversified client base. The company posted robust FY22–25 growth (Revenue/EBITDA/PAT CAGR of 29%/47%/73%) with healthy returns (ROE 34%, ROCE 25%) and moderate leverage. At the upper price band, valuations of ~24–33x FY25 P/E are in line with peers, while industry growth of ~8% CAGR driven by T&D capex, renewable integration, and railway electrification offers strong demand tailwinds.
Systematix Corporate Services Limited is the sole book-running lead manager, and Bigshare Services Private Limited is the registrar of the issue.
Company Information
Mangal Electrical Industries specializes in processing transformer components, including transformer laminations, CRGO slit coils, amorphous cores, coil and core assemblies, wound and toroidal cores, and oil-immersed circuit breakers. It also trades CRGO and CRNO coils, as well as amorphous ribbons. Additionally, it manufactures transformers and customized products for the power infrastructure industry. Its transformer range spans from single-phase 5 KVA to three-phase 10 MVA units. It also offers EPC services for construction of electrical substations under turnkey project, serving the power sector. The company has five production facilities in Rajasthan with an aggregate production capacity of 16,200 MT for CRGO, 10,22,500 KVA for transformers and 75,000 units for ICB and 2,400 MT for Amorphous units per annum.
It is both NABL and PGCIL lab approved underscoring its adherence to stringent quality standards. It has also procured PGCIL approval for processing of transformers/ reactors from up to 132 kV to up to 765 kV class and are also an ISO 9001:2015 and ISO 14001:2015 certified with a global customer base. The company has also obtained NTPC approval for CRGO processing.
The table below shows subscription data for all the categories of investors:
Mangal Electrical Industries Limited Last updated on | ||||
Sr.No. | Category | No.of shares offered / reserved | No. of shares bid for | No. of times of total meant for the category |
1 | Qualified Institutional Buyers (QIBs) | 15,00,955 | 1,83,742 | 0.12 |
1(a) | Foreign Institutional Investors (FIIs) | - | - | - |
1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | - | - | - |
1(c) | Mutual Funds | - | - | - |
1(D) | Others | - | 1,83,742 | - |
2 | Non Institutional Investors(NIIS) | 11,25,704 | 8,09,848 | 0.72 |
2.1 | Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 7,50,470 | 4,44,626 | 0.59 |
2.1(a) | Corporates | - | 13,442 | - |
2.1(b) | Individuals (Other than RIIs) | - | 4,24,008 | - |
2.1(c) | Others | - | 7,176 | - |
2.2 | Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) | 3,75,234 | 3,65,222 | 0.97 |
2.2(a) | Corporates | - | 1,820 | - |
2.2(b) | Individuals (Other than RIIs) | - | 3,29,316 | - |
2.2(c) | Others | - | 34,086 | - |
3 | Retail Individual Investors (RIIs) | 26,26,642 | 18,51,070 | 0.70 |
3(a) | Cut Off | - | 15,30,750 | - |
3(b) | Price Bids | - | 3,20,320 | - |
4 | Employee Reserved | - | - | - |
4(a) | Employee (Cut off) | - | - | - |
4(b) | Employee (Price) | - | - | - |
5 | Reservation PortionShareholder | - | - | - |
5(a) | RPS (Cut off) | - | - | - |
5(b) | RPS (Price) | - | - | - |
Total | 52,53,301 | 28,44,660 | 0.54 | |
