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Shares of transformer components manufacturer Mangal Electrical Industries Ltd make a tepid market debut, listing with a discount, against the issue price of Rs 561.
Mangal Electrical Industries IPO Listing.
Mangal Electrical IPO Listing: Shares of transformer components manufacturer Mangal Electrical Industries Ltd on Thursday made a tepid market debut, listing with a discount, against the issue price of Rs 561. After listing, the stock tumbled by 4.57% to close at Rs 535.35 apiece on the NSE.
After listing below the IPO issue price, the stock briefly rose and hit the day’s high of Rs 565, up 0.71%, before eventually nosediving by 4.5% to end the day at Rs 535.35 apiece on the NSE.
The company’s market valuation stood at Rs 1,475.31 crore.
The initial public offer of Mangal Electrical Industries Ltd received 9.46 times subscription on the closing day of bidding on Friday last week.
The Initial Public Offer (IPO) — entirely a fresh issue of shares worth Rs 400 crore — had a price band of Rs 533-561 per share.
Proceeds from the fresh issue will be used to pay debt, expand the company’s facility situated in Rajasthan, and support working capital requirements for general corporate purposes.
Mangal Electrical Industries is a processor of transformer components, transformer lamination, amorphous cores, coil assemblies, core assemblies, wound core, toroidal core, and oil-immersed circuit breakers.
The company’s customers include government discoms and private companies such as Ajmer Vidyut Vitran Nigam Ltd, Jaipur Vidyut Vitran Nigam Ltd, Voltamp Transformers Ltd and Western Electrotrans. It has exported its transformer components to the Netherlands, the United Arab Emirates, Oman, the US, Italy and Nepal.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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