made a muted debut on bourses, listing at a discount against the issue price of ₹561.
The shares of transformer components manufacturer listed at ₹558, a decline of 0.53 per cent from the issue price on the BSE. On the NSE, it debuted at 0.89 per cent discount at ₹556.
Post listing, the stock moderated between a low of ₹547 and a high of ₹566 on bourses. At 11.18 am, it dipped to ₹551.15 on the BSE and ₹550.50 on the NSE.
The company’s market valuation stood at ₹1,521.04 crore, NSE data show.
The IPO received 9.46 times subscription on the closing day of bidding and it was entirely a fresh issue of shares worth ₹400 crore with a price band of ₹533-561 per share.
Proceeds from the fresh issue will be used to pay debt, expand the company’s facility situated in Rajasthan, and support working capital requirements for general corporate purposes.
Mangal Electrical Industries is a processor of transformer components, transformer lamination, amorphous cores, coil assemblies, core assemblies, wound core, toroidal core, and oil-immersed circuit breakers.