Mangal Electrical share price: Stock debuts at nearly 1% discount; here's how much investors lost

The stock listed at ₹556 apiece on the National Stock Exchange (NSE), reflecting a discount of 0.89% against the issue price of ₹561 per share.

It debuted at ₹558 on the BSE, down 0.53%.

Mangal Electrical share price: Here's how much investors lost

The initial public offer received 9.46 times subscription, with bids for 4,96,74,638 shares compared to 52,53,301 shares on offer, according to the NSE data.

The qualified institutional buyers (QIBs) applied for 1,58,21,702 shares as against 15,00,955 shares on offer, leading to a 10.54 times subscription.

The non-institutional investors' (NIIs) quota was booked 18.79 times, as they submitted applications for 2,11,52,664 shares against 11,25,704 shares on offer.

Retail individual investors (RIIs) placed bids for 1,27,00,272 shares compared to 26,26,642 shares reserved. This shows a 4.84 times subscription.

Before the IPO, the company mobilised ₹120 crore from anchor investors, including Abakkus Diversified Alpha Funds, Societe Generale, Finavenue Capital Trust, LC Pharos Multi Strategy Fund VCC, Swyom India Alpha Fund, Imap India Capital Investment Trust, Sunrise Investment Trust, Aarth AIF Growth Fund and Sundaram Alternative Investment Trust.

The ₹400 crore IPO, which was entirely a fresh issuance of 0.71 crore shares, had set a price band of ₹533 to ₹561 per share.

The money raised will be utilised for debt repayment, working capital requirements, expanding the firm's facility situated in Rajasthan, and general corporate purposes.

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

Its customers include Ajmer Vidyut Vitran Nigam Ltd, Voltamp Transformers Ltd, Western Electrotrans and Jaipur Vidyut Vitran Nigam Ltd.

Systematix Corporate Services was the IPO's sole book-running lead manager, while Bigshare Services served as the registrar.