Upcoming IPO: Mangal Electrical Industries raises ₹120 crore from anchor investors

The institutional investors who participated in the anchor round included Abakkus Diversified Alpha Funds, LC Pharos Multi Strategy Fund VCC, Societe Generale, Finavenue Capital Trust, Swyom India Alpha Fund, Sundaram Alternative Investment Trust, Imap India Capital Investment Trust, Sunrise Investment Trust and Aarth AIF Growth Fund, according to a circular uploaded on BSE's website.

As per the circular, the company has allotted 21.39 lakh equity shares to these institutional investors at ₹561 apiece, taking the total fundraising to ₹120 crore.

The IPO—entirely a fresh issue of shares worth ₹400 crore—will open for public subscription on August 20 and conclude on August 22. The price band has been fixed at ₹533 to ₹561 per share.

Successful bidders can expect the shares to be credited to their demat accounts by August 26, with others receiving refunds on the same day. Mangal Electrical Industries shares are scheduled to list on the BSE and NSE on August 28.

Mangal Electrical Industries has appointed Systematix Corporate Services as the book-running lead managers of the IPO, while Bigshare Services is the registrar for the issue.

Mangal Electrical Industries IPO objective

About the company

Mangal Electrical Industries operates five production facilities in Rajasthan with an aggregate production capacity of 16,200 MT for CRGO, 1,022,500 KVA for transformers, 75,000 units for ICB, and 2,400 MT for amorphous units per annum. Unit I is located in Jaipur with a CRGO capacity of 3,000 MT; Unit III produces ICB and CRGO with capacities of 75,000 units and 900 MT, respectively; while Unit IV in Sikar handles transformers (10,22,500 KVA), CRGO (12,000 MT), and amorphous (2,400 MT) production.