Mangal Electrical Industries IPO Sparks Investor Interest

Mangal Electrical Industries Ltd's initial public offering saw 54% subscription on its first day. The IPO, entirely fresh shares worth Rs 400 crore, aims to pay off debts, expand facilities, and boost working capital. It attracted various investors, with strong backing from anchor investors.

The initial public offering of Mangal Electrical Industries Ltd garnered a 54% subscription on its debut day. According to NSE data, the IPO received bids for 28,43,542 shares out of the 52,53,301 shares available.

This IPO, a completely fresh issue of shares valued at Rs 400 crore, is set to close on August 22. The funds raised will be aimed at debt reduction, facility expansion in Rajasthan, and general corporate purposes, including working capital support.

Mangal Electrical Industries is a prominent manufacturer of transformer components with a wide-ranging clientele, including government discoms and international markets. Anchor investors have already contributed Rs 120 crore to the scheme.

(With inputs from agencies.)