The initial public offering (IPO) of Mangal Electrical Industries Ltd. received a strong investor response, with the issue being oversubscribed by 9.46 times on the third and last day of bidding on Friday, August 22.
The mainboard IPO received bids for more than 4.96 crore shares against 52.53 lakh shares on offer.
The Qualified Institutional Buyers (QIBs) subscribed their quota 10.54 times, while the Non-Institutional Investors (NIIs) booked their segment 18.79 times. The retail portion of the Mangal Electrical IPO was booked 4.84 times.
Mangal Electrical IPO was a book-built issue worth Rs 400 crore. The mainboard IPO comprised entirely a fresh issue of 71 lakh shares. The price band for the IPO was set between Rs 533 and Rs 561 per share.
Following the strong subscription, the company is scheduled to finalise the IPO share allotment status on August 25. Refunds are expected to be initiated on August 26. The company will also transfer shares to the Demat accounts of successful bidders on the same day.
Mangal Electrical IPO listing date has been tentatively fixed as August 28. Shares of the company will be listed on the NSE and BSE.
Investors who participated in the Mangal Electrical IPO subscription can check the allotment status on the websites of BSE, NSE and the issue registrar, Bigshare Services Pvt.
