Rajasthan-based Mangal Electrical Industries, a company specializing in processing transformer components, has secured ₹120 crore from 10 anchor investors ahead of its initial public offering (IPO).
The company’s maiden public issue, valued at ₹400 crore, is scheduled to open on August 20 and close on August 22, with a price band of ₹533–561 per share. The IPO consists entirely of fresh shares.
In a filing to the exchanges, Mangal Electrical Industries stated that it has allocated 21,39,020 equity shares to anchor investors at ₹561 per share.
Among the notable participants, Sunil Singhania’s Abakkus Diversified Alpha Fund emerged as the largest institutional investor, acquiring 6.77 lakh shares worth ₹38 crore. Other anchor investors include Lighthouse Canton-owned LC Pharos Multi Strategy Fund, Societe Generale, Finavenue Capital Trust, Swyom India Alpha Fund, Sundaram Alternative Investment Trust, Imap India Capital Investment Trust, and Aarth AIF Growth Fund.
The company plans to use ₹101.3 crore of the IPO proceeds to reduce debt, ₹87.85 crore for civil works to expand its Unit IV facility in Reengus Sikar, Rajasthan, optimizing space and storage capacity, and ₹122 crore for working capital requirements.
Mangal Electrical Industries operates five production facilities across Rajasthan, manufacturing transformer components such as transformer laminations, CRGO slit coils, amorphous cores, coil and core assemblies, wound and toroidal cores, and oil-immersed circuit breakers. The company also produces transformers, customized products for the power infrastructure sector, and provides EPC services for establishing electrical substations.
Systematix Corporate Services is serving as the sole book-running lead manager for the IPO.
