Mangal Electricals IPO: Mangal Electrical Industries made a muted debut on the stock exchanges on August 28, listing at nearly 1 per cent below its issue price, despite strong demand during its initial public offering. The Rs 400-crore IPO was subscribed 9.46 times during the offer period from August 19 to 21.
The stock opened at Rs 556 per share on the NSE, marking a 0.89 per cent discount to the issue price of Rs 561. On the BSE, it listed at Rs 558, down 0.53 per cent.
Following the listing, the company’s market capitalisation stood at Rs 1,541.76 crore.
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The Rs 400 crore IPO of Mangal Electricals, a transformer manufacturer, ran from August 20 to August 22 and was entirely a fresh issue of 71.30 lakh shares, priced in the Rs 533–561 range.
The share allotment was finalised on August 25, and the stock is set to list today, August 28, on both BSE and NSE. As per a BSE circular, Mangal Electricals will be listed under the ‘B’ Group of Securities and will participate in the Special Pre-Open Session (SPOS). Trading will begin at 10:00 AM.
