Chandhiok & Mahajan assisted Mangal Electrical Industries Limited on its filing a Draft Red Herring Prospectus for the proposed Initial Public Offering of equity shares for up to ₹450 crore. 

The firm acted as the sole counsel in relation to the filing.

The C&M Capital Markets team consisted of Niruphama Ramakrishnan (Partner, Head of Capital Markets), Pranav Gupta (Senior Associate), Keshav Srivastava (Associate) and Garima Mangla (Associate).

Mangal Electrical's IPO is an entirely fresh issue of shares amounting to ₹450 crore. The company will utilise the proceeds from this offering for various purposes.

A significant portion, ₹96.03 crore, will be allocated towards repaying or prepaying existing borrowings, thereby reducing the company's debt burden. Furthermore, ₹120 crore will be invested in capital expenditure, primarily focused on expanding the manufacturing facility at Unit IV in Reengus, Sikar District, Rajasthan.

Additionally, the company plans to utilise a portion of the proceeds for carrying out civil works at its existing head office in Jaipur to optimize space utilization and enhance storage capacity.

Mangal Electrical Industries is in the business of processing transformer components, including transformer lamination, CRGO slit coils, amorphous cores and also manufactures transformers with capacities ranging from single-phase 5 KVA to three-phase 10 MVA (medium power) units. It is also involved in providing EPC services for setting up electrical sub-station, catering to the power infrastructure sector.

The company has established a strong reputation for quality and innovation, consistently striving to improve its product offerings and enhance customer satisfaction.

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