Mangal Electrical Industries Limited’s has been oversubscribed 2.92 times as of Thursday noon, the final day of the three-day bidding process. The company received bids for 1.53 crore shares against the issue size of 52.53 lakh shares, with the price band set between ₹533-561 per share.
The retail individual investors category showed strong demand, subscribing 2.90 times with bids for 76.22 lakh shares against the reserved quota of 26.26 lakh shares. The non-institutional investors segment recorded the highest oversubscription at 6.68 times, receiving bids worth 75.21 lakh shares against 11.25 lakh shares on offer.
Within the NII category, investors bidding between ₹2 lakh to ₹10 lakh showed maximum interest with 8.27 times subscription, while those with bids above ₹10 lakh subscribed 5.89 times. However, qualified institutional buyers remained lukewarm, subscribing only 0.14 times with bids for just 2.05 lakh shares against the allocated 15 lakh shares.
The IPO, which opened on August 20, will close today in the evening. The company’s shares will be listed on following the completion of the allotment process.