Mangal Electrical Industries initial public offer (IPO) is set to open for public subscription on Thursday. The transformer components manufacturer has fixed a price band of Rs 533 to Rs 561 per share for its upcoming Rs 400 crore Initial Public Offering (IPO). The IPO -- entirely a fresh issue of shares -- will open for public subscription on August 20 and conclude on August 22.
Proceeds from the fresh 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 and 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, United Arab Emirates, Oman, USA, Italy and Nepal.
Shares of the company will be on August 28, while the allotment is expected by August 25 on Bigshare Services.
(PTI Inputs)
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