India's Mangal Electrical gains 1% on debut, opens below issue price
28/08/2025 05:49
** Indian Transformer components maker Mangal Electrical Industries MNGE.NS rises 1% to 562 rupees on first day of trade ** Stock opens at 556 rupees, 0.89% lower than the issue price of 561 rupees ** Broader markets down on the day as an additional 25% U.S. tariffs on Indian goods take effect ** The co's 4-billion-rupee ($45.71 million) IPO was subscribed 9.46 times, led by demand from non-institutional investors who subscribed the issue 18.79 times ** Offering comprises issue of 7.1 mln fresh shares, existing shareholders are not offloading any shares ** Anchor investors bought shares worth 1.2 bln rupees ** Co valued at 11.52 billion rupees as 10:05 a.m. IST ** Proceeds from the issue will be used to clear debts, expand facility in Sikar, Rajasthan, fund working capital requirements and general corporate purposes ($1 = 87.5060 Indian rupees) (Reporting by Komal Salecha) ((Komal@thomsonreuters.com;))