Mangal Electrical Industries IPO Proceeds Monitoring Report Released

CARE Ratings Limited, as the Monitoring Agency for Mangal Electrical Industries Ltd's Initial Public Offering (IPO), has released its report for the quarter ended June 30, 2026. The IPO, which raised Rs. 400 crore, involved the issuance of equity shares. The report indicates a deviation in the utilization of IPO proceeds, specifically concerning the deployment for loan repayment and capital expenditure (capex). While Rs. 101.27 crore was earmarked for loan repayment and Rs. 49.93 crore for capex by FY26, only Rs. 97.98 crore was deployed for loan repayment and Rs. 4.76 crore for capex as of Q1FY27, signifying a delay in deployment. The Monitoring Agency has declared that there is no deviation from the stated objects of the issue, but notes the delay in deployment as per the information provided by the issuer.