Mangal Electrical's IPO Buzz: A Strong Start with Impressive Subscription Rates
The initial public offer of Mangal Electrical Industries Ltd was subscribed 1.98 times by the second day. Non-institutional investors showed strong interest with a 4.20 times subscription. The IPO aims to raise Rs 400 crore to expand facilities, pay off debt, and meet corporate needs.
- Country:
- India
Mangal Electrical Industries Ltd's initial public offer (IPO) witnessed robust investor interest, being subscribed 1.98 times as of Thursday, the second day of bidding.
According to NSE data, the IPO received 1,03,81,202 bids against an offer of 52,53,301 shares. Notably, non-institutional investors oversubscribed their portion by 4.20 times, while retail investors subscribed 2.08 times, and qualified institutional buyers (QIBs) subscribed 13%.
The IPO seeks to gather Rs 400 crore entirely through fresh issuances, with proceeds allocated for debt repayment, facility expansion in Rajasthan, and corporate working capital. The issue, priced between Rs 533 and Rs 561, will close on Friday. Systematix Corporate Services manages the offering with Bigshare Services acting as registrar.
(With inputs from agencies.)
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