Mangal Electrical IPO GMP at 4.5%; signals modest listing

Mangal Electrical Industries' Rs 400-crore IPO opened on a muted note. So far, the issue has been subscribed just 0.15 times. While investments from non-institutional and retail participants are slowly gaining momentum, QIBs are yet to enter the fray.

The grey market premium (GMP) also appears lukewarm at just Rs 25 or 4.5 per cent above the issue price. That’s hardly fireworks compared to many recent IPOs.

Mangal Electrical IPO Day 1 subscription status (as of 12 noon)

• Overall: 0.15x
• Qualified Institutional Buyers (QIBs): 0x
• Non-Institutional Investors: 0.11x
• Retail Individual Investors: 0.26x 

What the company does

Headquartered in Jaipur, Mangal Electrical makes transformer components (CRGO slit coils, laminations, amorphous cores), distribution and power transformers, and also undertakes EPC work for substations. Its products plug directly into India’s expanding power-infrastructure build-out.

More to follow…

Disclaimer: This article was crafted with the aid of artificial intelligence and meticulously reviewed and edited by our human experts to ensure accuracy and provide valuable insights. It's intended for informational purposes only. Please do your own research before investing.