Mangal Electrical Industries IPO subscribed 9.46 times on Final Day, The issue generated a demand of close to Rs 2800 crore

IPO News: The Initial Public Offering of Mangal Electrical Industries Limited was subscribed 9.46 times on the final day of bidding. The issue received bids of 4,96,74,612 shares against the offered 52,53,301 equity shares, at a price band of ₹533-561, according to the data available on the stock exchanges.

Qualified Institutional Buyer Portion and Non-Institutional Investors Portion were subscribed 10.54 times and 18.79 times respectively, whereas Retail Portion was subscribed 4.84 times. Systematix Corporate Services Limited is the sole book-running lead manager, and Bigshare Services Private Limited is the registrar of the issue.

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.

Further, it also possesses Brockhaus Messtechnik, a Germany based machinery, used for quality control checks that enables it to achieve high-efficiency level outputs.

The company’s customer mix primarily include government discoms and private such as Ajmer Vidyut Vitran Nigam Limited (AVVNL) and Jaipur Vidyut Vitran Nigam Limited (JVVNL) and private sector such as Voltamp Transformers Limited and Western Electrotrans Private Limited etc. It has exported its transformer components to Netherlands, United Arab Emirates, Oman, United States of America, Italy and Nepal.