India’s capital market gears up for two new IPOs as Vidya Wires Ltd, a Gujarat-based manufacturer of winding and conductivity products, and Mangal Electrical Industries Ltd, a Jaipur-based electrical equipment company, receive approval from the Securities and Exchange Board of India (SEBI) to launch their respective public issues. The combined IPO size stands at ₹770 crore, aimed at supporting business expansion, debt repayment, and general corporate needs.
Vidya Wires Ltd, a Gujarat-based company specializing in winding and conductivity products, and Mangal Electrical Industries Ltd, a Jaipur-based manufacturer of electrical components, have received regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with their respective initial public offerings (IPOs).
Vidya Wires IPO Details
Vidya Wires Ltd plans to raise up to ₹320 crore through a combination of a fresh issue and an offer for sale (OFS). The public issue will include a fresh issue of equity shares worth ₹320 crore, along with an OFS component of up to 1 crore equity shares from its promoters Shyamsundar Rathi, Shailesh Rathi, and Shilpa Rathi. Each equity share has a face value of ₹1.
The company intends to utilize the proceeds to fund capital expenditures for a new project through its subsidiary Alcu, repay or prepay select borrowings, and manage general corporate requirements.
Pantomath Capital Advisors Pvt Ltd and IDBI Capital Markets & Securities Ltd are acting as the book-running lead managers for the IPO. Vidya Wires plans to list its shares on both the BSE and NSE.
Mangal Electrical Industries IPO Details
Mangal Electrical Industries Ltd has received approval to launch a fresh issue of ₹450 crore, with no offer for sale by existing shareholders. The company, headquartered in Jaipur, Rajasthan, manufactures electrical components and systems and filed its IPO documents on December 24, 2024.
The raised capital will be used across several verticals:
- ₹96.03 crore for partial or full repayment of outstanding borrowings
- ₹120 crore to expand operations at Unit IV in Reengus, Sikar District, and to renovate its Jaipur headquarters
- ₹122 crore for working capital needs
- The remaining funds will support general corporate purposes
Systematix Corporate Services Ltd is the sole book-running lead manager, while Bigshare Services Pvt Ltd will serve as the registrar. The shares are proposed to be listed on both BSE and NSE.
Both companies aim to leverage the capital markets to scale operations, reduce debt, and meet strategic business objectives.
