The initial public offering of transformer components manufacturer Mangal Electrical Industries will be opened on August 20 and conclude on August 22. The company has fixed the price band at Rs 533 to Rs 561 per share.
Mangal Electrical Industries IPO Details
The IPO, worth Rs 400 crore, is an entirely fresh issue of shares. It will open for public subscription on August 20 and close on August 22, the company said in a statement.
BRLM, registrar details
Systematix Corporate Services is acting as the sole book-running lead manager for the issue, while Bigshare Services is the registrar.
Mangal Electrical Industries IPO: Funds utilisation
Proceeds from the issue will be used for:
- Debt repayment
- Expansion of the company’s manufacturing facility in Rajasthan
- Working capital requirements
- General corporate purposes
Mangal Electrical Industries manufactures and processes a wide range of transformer components, including:
- Transformer lamination
- Amorphous cores
- Coil and core assemblies
- Wound and toroidal cores
- Oil-immersed circuit breakers
The company supplies to both government distribution companies and private sector clients. Major customers include Ajmer Vidyut Vitran Nigam Ltd, Jaipur Vidyut Vitran Nigam Ltd, Voltamp Transformers Ltd, and Western Electrotrans.
Moreover, the company has exported transformer components to several international markets, including the Netherlands, UAE, Oman, USA, Italy, and Nepal.
