August 15, 2025
admin
Mangal Electrical IPO is a Rs.400 crore book-built issue, entirely comprising a fresh issue of 0.71 crore shares. The subscription will open on August 20, 2025 and close on August 22, 2025. Allotment is expected on August 25, 2025, with listing on BSE and NSE likely on August 28, 2025.
The price band is fixed at Rs.533–Rs.561 per share, with a lot size of 26 shares. This means the minimum retail application requires an investment of Rs.13,858. For sNII, the minimum is 14 lots (Rs.2,04,204), and for bNII, it is 69 lots (Rs.10,06,434).
Systematix Corporate Services Ltd. is the Book Running Lead Manager, while Bigshare Services Pvt. Ltd. is the registrar to the issue.
Table of Contents
Latest news about this IPO
The IPO has not caught fancy in the grey market yet.
Who are the promoters of Mangal Electrical IPO?
Rahul Mangal, Ashish Mangal, Saroj Mangal and Aniketa Mangal are the promoters of the company.
The promoters hold 100% shares in the Pre- IPO capital of the company.
What are the Objects of Mangal Electrical IPO?
The Offer comprises a Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders.
The net proceeds of the Offer are proposed to be utilised in the following manner:
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the Company Rs. 101.27 Crore
- Capital expenditure including civil works of the Company for expanding the facility at Unit IV situated at Reengus Sikar District, Rajasthan Rs. 87.86
- Funding working capital requirements of the Company Rs. 122 Crore
- General Corporate purposes
What is the business of Mangal Electrical?
Mangal Electrical IPO Details
| IPO opens on | 20 August, 2025 |
| IPO closes on | 22 August, 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 7130,124 Shares / Rs 400.00 Crore |
| * Fresh Issue | Rs 400.00 Crore |
| * Offer for Sale | Rs – Crore |
| Employee Portion | Rs. 10 crore |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. 533-561 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. – per share |
| Retail Lot Size | 26 Shares |
| Listing will at | BSE, NSE |
How are the shares offered?
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
How can the shares be applied?
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 26 | ₹14,586 |
| Retail (Max) | 13 | 338 | ₹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 Timetable
| IPO opens on | 20 August 2025 |
| IPO Closes on | 22 August 2025 |
| IPO Allotment on | 25 August 2025 |
| Unblocking of Asba | 26 August 2025 |
| Credit of Shares | 26 Augut 2025 |
| Listing of Shares | 28 August 2025 |
| Registered Office of the company Mangal Electrical Industries Ltd. C-61, C-61 (A&B), Road No. 1-C, V. K. I. Area, Jaipur, Rajasthan, 302013 |
|
| Lead Managers of the IPO Systematix Corporate Services ltd |
|
| Registrar to IPO | |
| Bigshare Services Pvt Limited |
Mangal Electrical Financial Snpshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 366.46 | 246.54 | 221.26 |
| Total Income | 551.39 | 452.13 | 357.81 |
| Profit After Tax | 47.31 | 20.95 | 24.74 |
| EBITDA | 81.84 | 42.63 | 44.42 |
| Net Worth | 162.16 | 114.99 | 93.97 |
| Total Borrowing | 149.12 | 92.12 | 96.64 |
| Amount in Rs. Crore | |||
Key Performance Indicators
| 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 |
| EPS-Post | 17.12 |
| PER-Post | 32.77 |
How Mangal Electrical IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Mangal Electrical Industries Limited | 34.14 | |
| Vilash Transcore Limited | 36.48 | 15.27 |
| Jay Bee Laminations Limited | 18.28 | 24.11 |
Chanakya Condensed View of Mangal Electrical Limited – IPO,
by Paresh Gordhandas, CA & Research Analyst
Mangal Electrical’s strong FY25 growth, brand strength, and infrastructure position it well for India’s ongoing power sector expansion. However, at ~33.7× P/E, valuations are on the higher side compared to some peers in the capital goods sector. The rise in debt is also a watch point.
For listing gains – watch GMP trends closely before applying.
For long-term investors – can be considered if earnings momentum sustains and leverage is managed prudently.
Mangal Electrical Industries Limited manufactures transformers for the distribution and transmission of electricity. It also produces critical transformer components like laminations, CRGO slit coils, amorphous cores, coil and core assemblies, wound cores, toroidal cores, and oil-immersed circuit breakers. Additionally, the company trades in CRGO/CRNO coils and amorphous ribbons and provides EPC services for setting up electrical substations.
At the upper price band of Rs. 561 per share, the IPO is valued at around 33.7× its FY25 earnings per share (EPS ~Rs. 16.65). While this is on the higher side compared to some capital goods peers, it may be justified by the company’s growth momentum and niche positioning in the transformer and components segment..
The potential for listing gains will depend on grey market sentiment closer to the listing date. As of now, valuations are not low, so strong GMP trends will be essential to drive short-term upside. Traders should track GMP movement before final application decisions.
Chanakya believes Mangal Electrical is fundamentally strong, with brand recognition, a diversified product range, and rising profitability. However, the IPO is priced at a premium and borrowings have increased, which needs monitoring. It can be considered for long-term investment if growth sustains and leverage is managed, while short-term investors should base their decision on final grey market trends for possible listing gains.
Mangal Electricals IPO details
Mangal Electricals IPO dates
Mangal Electricals IPO Review
Quicklinks
