The listing of Mangal Electrical Industries' IPO is scheduled for today, August 28, 2025, on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The IPO, which comprised a fresh issue of 7.1 million equity shares, was open for subscription from August 20 to August 22, with the issue price fixed at ₹561 per share, the upper end of the price band of ₹533 to ₹561.

Despite the IPO being oversubscribed 9.46 times, early grey market premium (GMP) indicators suggest a muted debut.

Grey Market Premium (GMP) Signals

The grey market premium (GMP) is an unofficial, over-the-counter market where IPO shares are traded before they are officially listed on the stock exchanges. It serves as an indicator of potential listing day performance, though it is not always a reliable predictor.

Recent reports indicate a fluctuating GMP for Mangal Electrical. On August 26, 2025, the GMP was around ₹17, suggesting a premium of about 3.03% over the IPO price. However, by August 27, 2025, the GMP had declined to ₹3 per share, implying a marginal premium of 0.53% over the issue price. Some reports even suggested a discounted listing based on GMP trends. As of August 25, 2025, a GMP of ₹14 indicated an estimated listing price of ₹575. These varying figures point towards uncertainty and a potentially subdued listing.

Expert Opinions and Recommendations

Market experts suggest caution, advising investors not to solely rely on GMP for investment decisions. Several factors influence listing day performance, including market sentiment and overall economic conditions.

• Anand Rathi: In a research report, Anand Rathi noted that at the upper price band, the company is valued at a FY25 price-to-earnings (P/E) ratio of 32.8x, with a post-issue market capitalization of Rs 15,500 million. Considering the favorable environment for transformer manufacturing due to increasing electricity demand, they recommended "SUBSCRIBE – LONG TERM".
• Dilip Davda: On the other hand, Dilip Davda suggested that the IPO appeared aggressively priced based on its recent financial data, recommending that well-informed/cash surplus investors may park moderate funds for the long term.
• Capital Market: Capital Market recommended avoiding the IPO, though they suggested active risk seekers could consider it.

Company Overview

Mangal Electrical Industries specializes in manufacturing transformer components and providing related services. The company's products include CRGO slit coils, laminations, amorphous cores, coil assemblies, toroidal cores, wound cores, and oil-immersed circuit breakers. It also provides EPC services for building electrical substations. The company has five production units in Rajasthan.

The company intends to utilize the IPO proceeds for debt repayment, capital expenditure (including expansion of its Unit IV facility), working capital requirements, and general corporate purposes.

Financial Performance

In 2025, Mangal Electrical reported revenue of ₹559.24 crores and a profit of ₹47.29 crores. Between FY24 and FY25, the company experienced a 22% revenue growth and a 126% rise in profit after tax (PAT).

Listing Details

The equity shares of Mangal Electrical Industries are to be listed in the 'B' Group of Securities. The stock will be available for trading from 10:00 AM following a Special Pre-open Session (SPOS).