Current Infraprojects IPO...
20 Aug, 2025
Mangal Electrical Industries IPO
Mangal Electrical Industries IPO is a Mainboard, book-built IPO of approximately ₹400 crore, and is a pure fresh issue with no OFS. The bidding window is provisionally 20-22 August 2025. The lot size is 26 shares and the issue is proposed to be listed in NSE and BSE during the last week of August, subject to regulatory confirmations. The allocation structure will be in the usual split between QIB, NII, and Retail categories of investors.
Company Background
MEIL is a comprehensive player in the power transmission and distribution sector of India. The company processes electrical steels (CRGO/CRNGO) and produces transformer cores and laminations, distribution and power transformers to utilities, EPC contractors and industrial customers. The company has a long operating history, which places it in an advantageous position to enjoy grid modernization, DISCOM capex, and industrial power demand.
Operations & Product Range
Facility & Production
Mangal Electrical IPO has processing and manufacturing plants in Rajasthan, where it processes slitting, cutting, stacking, annealing and testing of CRGO/CRNGO electrical steels as well as assembly and testing of distribution and power transformers. Planned capex is expansion at Unit IV (Reengus, Sikar) and storage/civil works at the head office in Jaipur, to achieve higher throughput, improved utilization and operational efficiency.
Brands & Market Presence
MEIL sells products under the Mangal brand to state utilities, EPCs and industrial customers in major Indian geographies. Domestic, tender-based demand related to distribution network expansion and electrification and OEM/export opportunities where market conditions allow are the primary areas of focus.
Revenue Channels
The revenues of MEIL are usually generated through:
- The sale of processed electrical steel products and transformer cores/laminations to OEMs and EPCs.
- Institutional sales and tenders to sell distribution and power transformers to utilities and industrial customers.
- Ancillary transformer parts and job-work / processing services, which enhance asset usage and margins.
Management & Shareholding
Promoters & Shareholding
The promoter group of Mangal Electrical IPO includes the members of the Mangal family, Rahul Mangal, Saroj Mangal, Ashish Mangal, and Aniketa Mangal. Promoter ownership is concentrated in these four, with Rahul Mangal having the highest stake, followed by significant stakes of Saroj Mangal, Ashish Mangal, and Aniketa Mangal; this fresh issue will cause proportionate dilution, and control is likely to remain with the promoter group.
Board Members
Mangal Electrical IPO’s board members have executive representation of the promoter family and independent directors with experience in power sector operations, governance and finance, with key managerial personnel who are in charge of the plant operations, quality/testing, finance, procurement and business development.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Mangal Electrical Industries IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Mangal Electrical Industries IPO Details
| Detail | Description |
|---|---|
| IPO Date | August 20, 2025 to August 22, 2025 |
| Listing Date | - |
| Face Value | ₹10 per share |
| Issue Price Band | ₹533 to ₹561 per share |
| Lot Size | 26 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 71,30,124 shares (aggregating up to ₹400.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,05,00,000 shares |
| Share Holding Post Issue | 2,76,30,124 shares |
Mangal Electrical Industries IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Aug 20, 2025 |
| IPO Close Date | Fri, Aug 22, 2025 |
| Tentative Allotment | Mon, Aug 25, 2025 |
| Initiation of Refunds | Tue, Aug 26, 2025 |
| Credit of Shares to Demat | Tue, Aug 26, 2025 |
| Tentative Listing Date | Thu, Aug 28, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 22, 2025 |
Mangal Electrical Industries IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 26.00 | ₹14,586 |
| Retail (Max) | 13 | 338.00 | ₹1,89,618 |
| S-HNI (Min) | 14 | 364 | ₹2,04,204 |
| S-HNI (Max) | 68 | 1,768 | ₹9,91,848 |
| B-HNI (Min) | 69 | 1,794 | ₹10,06,434 |
Mangal Electrical Industries IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Share Holding Pre Issue | 100.00% |
| Share Holding Post Issue | 74.19% |
Competitive Strength:
- ● Vertical integration of electrical steel processing to finished transformers which allows improved cost and quality control.
- ● Established relationships with utilities/EPCs to facilitate stable institutional demand.
- ● Capacity addition at Unit IV and storage optimization at Jaipur HO to stimulate the throughput and operating leverage.
- ● Tailwinds in grid modernization, DISCOM investments and industrial capex.
- ● Experienced promoter group having a long business history in T&D manufacturing.
Mangal Electrical Industries IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 366.46 | 551.39 | 47.31 | 162.16 | 149.12 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 246.54 | 452.13 | 21 | 115 | 92.12 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 221.26 | 357.81 | 24.74 | 93.97 | 96.64 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 29% |
| ROCE | 25.38% |
| Debt/Equity | 0.92 |
| RoNW | 34.14% |
| PAT Margin | 8.61% |
| EBITDA Margin | 14.90% |
| Price to Book Value | 7.09 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ||
| P/E (x) |
Objectives of Mangal Electrical IPO
- Repayment/ prepayment of some borrowings.
- Capital costs on Unit IV (Reengus, Sikar) expansion and Jaipur HO storage/civil works.
- Financing working capital needs to facilitate a bigger order book and participation in tenders.
- General corporate purposes.
Conclusion
The Mangal Electrical IPO provides access to the transformer value chain, which includes electrical steel processing, transformer manufacturing, and is in line with the ongoing grid modernization and distribution reinforcement in India. The new capital is aimed at deleveraging, capacity increase, and working capital, which can reinforce implementation and expansion.
RHP:
DRHP:
Read more :
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- Ramdevbaba Solvent Limited IPO
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Frequently asked Questions (FAQs )
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1. How big is the issue size of Mangal Electrical IPO?
Approximately 400 crore, all a new issue; no Offer for Sale mentioned.
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2. How will the Mangal Electrical IPO proceeds be spent?
Debt pay-down, capex to expand Unit IV and Jaipur civil/storage, working capital and general corporate.
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3. On which exchange will the shares be traded?
Listing on NSE and BSE proposed, probably the last week of August, subject to confirmations.
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4. Who is the lead manager and registrar?
According to market materials, Systematix Corporate Services is usually referred to as BRLM and Bigshare Services as the registrar.
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5. What are the major risks for Mangal Electrical IPO?
Cyclicality of tenders, volatility of CRGO/raw materials prices, high working capital intensity, price competition, and concentration of customers.
