The institutional investors who participated in the anchor round included Abakkus Diversified Alpha Funds, LC Pharos Multi Strategy Fund VCC, Societe Generale, Finavenue Capital Trust, Swyom India Alpha Fund, Sundaram Alternative Investment Trust, Imap India Capital Investment Trust, Sunrise Investment Trust and Aarth AIF Growth Fund.
Should you subscribe?Canara Bank Securities: Subscribe for long-term
The brokerage wrote in its note that Mangal Electrical is expanding into high-voltage, inverted duty, and dry-type transformers, while focusing on backward integration through in-house CRGO processing and tank fabrication. Unit IV expansion will be phased from January 2026. It operates in a high working capital environment, importing 80% of CRGO steel, with raw material forming 40% of costs.
Its planned capex of ₹95-100 crore will be executed within 18 months, funded through the IPO.
With P/E of 24.3 times, valuations appear reasonable, the brokerage said while recommending ‘Subscribe for long-term gains’ to the IPO, though margins remain vulnerable to raw material price volatility, as seen in FY24 when costs rose 21%.
Anand Rathi: Subscribe for long-term
Mangal Electrical plans to expand manufacturing capacity through technology and infrastructure upgrades to meet rising demand. They are enhancing operational capacity by securing 765 kV class approval from PGCIL, which strengthens their technical capabilities, boosts competitiveness, and positions them to meet the growing demand for high-capacity transmission solutions.”In recent years, India’s substation capacity has grown significantly, driven by rising electricity demand, creating a favorable environment for transformer manufacturing with consistent demand supporting production planning and operational efficiency. The IPO appears fully priced,” it said, adding a ‘Subscribe for long-term’ rating.
Mangal Electrical IPO price band
The price band has been fixed at ₹533 to ₹561 per share. Investors can bid for a minimum of 26 shares in one lot and in multiples thereof.
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.
Company overview
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.
For the last three fiscals—2025, 2024, and 2023—they exported transformer components to the Netherlands, United Arab Emirates, Oman, United States of America, Italy, and Nepal.
Systematix Corporate Services is the sole book-running lead manager, and Bigshare Services is the registrar of the issue.
The allotment for the Mangal Electrical IPO is expected to be finalised on August 25, while the company’s shares will get listed on BSE, NSE with a tentative listing date fixed as August 28.
