The Initial Public Offering of Mangal Electrical Industries Limited was subscribed 1.98 times on the second day of bidding.

The issue received bids of 1,03,85,258 shares against the offered 52,53,301 equity shares, at a price band of ₹533-561, according to the data available on the stock exchanges.

Non-Institutional Investors Portion and Retail Portion were subscribed 4.20 times and 2.08 times respectively, whereas Qualified Institutional Buyer Portion was subscribed 13%. The issue kicked off for subscription on Wednesday, August 20, 2025, and will close on Friday, August 22, 2025. 

A day before the opening of the issue, Mangal Electrical Industries Ltd raised Rs 120 crores from anchor investors. Some of the marquee Institutions that participated in the anchor includes 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, Aarth AIF Growth Fund, Steptrade Revolution Fund.

Leading brokerage firms like Anand Rathi, SBI Securities, Nirmal Bang, IIFL Capital, CanMoney Securities, Adroit Financial Service, Eureka Stocks, Ventura Securities, SMIFS, have given a “Subscribe” rating to the issue highlighting the company’s strong position in transformers and components with approvals up to 765 kV, five modern facilities, and a diversified client base. The company posted robust FY22–25 growth (Revenue/EBITDA/PAT CAGR of 29%/47%/73%) with healthy returns (ROE 34%, ROCE 25%) and moderate leverage. At the upper price band, valuations of ~24–33x FY25 P/E are in line with peers, while industry growth of ~8% CAGR driven by T&D capex, renewable integration, and railway electrification offers strong demand tailwinds.

Systematix Corporate Services Limited is the sole book-running lead manager, and Bigshare Services Private Limited is the registrar of the issue.