Mangal Electrical Industries' IPO subscribed 1.98 times on 2nd day of bidding

New Delhi, Aug 21 (PTI) The initial public offer of transformer components manufacturer Mangal Electrical Industries Ltd got subscribed 1.98 times on the second day of bidding on Thursday.

The IPO got bids for 1,03,81,202 shares against 52,53,301 shares on offer, according to NSE data.

The category for non-institutional investors garnered 4.20 times subscription, while the quota for Retail Individual Investors (RIIs) was subscribed 2.08 times. The portion for Qualified Institutional Buyers (QIBs) received 13 per cent subscription.

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

The IPO -- entirely a fresh issue of shares worth Rs 400 crore -- will conclude on Friday. The price band has been fixed at 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 and 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 MR