Mangal Electrical Industries' IPO gets subscribed 9.46 times

New Delhi, Aug 22 (PTI) The initial public offer of transformer components manufacturer Mangal Electrical Industries Ltd received 9.46 times subscription on the closing day of bidding on Friday.

The three-day IPO received bids for 4,96,74,638 shares against 52,53,301 shares on offer, as per NSE data.

The category for non-institutional investors fetched 18.79 times subscription, while the qualified institutional buyers (QIBs) quota got subscribed 10.54 times. Retail individual investors (RIIs) received 4.84 times subscription.

Mangal Electrical Industries on Tuesday mobilised Rs 120 crore from anchor investors.

The initial public offer (IPO) -- entirely a fresh issue of shares worth Rs 400 crore -- has a price band of Rs 533-561 per share.

Proceeds from the fresh issue will be used to pay debt, expand the company's facility situated in Rajasthan, and support working capital requirements for general corporate purposes.

Mangal Electrical Industries is a processor of transformer components, transformer lamination, amorphous cores, coil assemblies, core assemblies, wound core, toroidal core, and oil-immersed circuit breakers.

The company's customers include government discoms and private companies such as Ajmer Vidyut Vitran Nigam Ltd, Jaipur Vidyut Vitran Nigam Ltd, Voltamp Transformers Ltd and Western Electrotrans. It has exported its transformer components to the Netherlands, the United Arab Emirates, Oman, the US, Italy and Nepal.

Systematix Corporate Services is the sole book-running lead manager, and Bigshare Services is the registrar of the issue. PTI SUM SUM BAL BAL