Upcoming IPOs: Vidya Wires, Mangal Electrical Industries Secure SEBI Approval for Public Issues
Vidya Wires and Mangal Electrical Industries secure SEBI approval for their 2025 IPOs, aiming to raise ₹770 crore combined. Explore details, market context, and investor outlook.
New Delhi, June 10, 2025 – The Indian capital markets are buzzing with activity as Vidya Wires Ltd. and Mangal Electrical Industries Ltd. have received the green light from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings (IPOs). This development, announced on June 10, 2025, marks a significant step for both companies as they aim to raise substantial capital to fuel growth and expansion in their respective industries. Alongside Kent RO Systems and Karamtara Engineering, these firms are part of a quartet of businesses poised to tap into the vibrant Indian equity market, collectively targeting around ₹2,500 crore through their public issues.
Vidya Wires: Powering Connectivity with Precision
Founded in 1981, Vidya Wires Ltd. is a key player in the manufacturing of winding and conductivity products, catering to diverse industries with precision-engineered wires, copper strips, conductors, busbars, specialized winding wires, PV ribbons, and aluminum paper-covered strips. The company’s IPO comprises a fresh issue of equity shares worth ₹320 crore and an offer for sale (OFS) of up to 10 million equity shares by promoter shareholders, each with a face value of ₹1.
The proceeds from the fresh issue are expected to bolster Vidya Wires’ manufacturing capabilities, fund research and development, and strengthen its market position in the competitive electrical components sector. Pantomath Capital Advisors and IDBI Capital Market Services are the book-running lead managers, with MUFG Intime India (Link Intime) serving as the registrar for the issue.
“Vidya Wires operates in a niche but critical segment of the electrical and renewable energy supply chain,” said Rohan Sharma, a senior analyst at Capital Market Insights. “With the global push for renewable energy and India’s ambitious infrastructure goals, their products, particularly PV ribbons for solar panels, are well-positioned for sustained demand. Investors will likely view this IPO as a stable long-term bet.”
Mangal Electrical Industries: Transforming the Transformer Market
Jaipur-based Mangal Electrical Industries, a processor of transformer components, is set to raise ₹450 crore through a fresh issue of equity shares with a face value of ₹10 each. Unlike Vidya Wires, Mangal’s IPO does not include an OFS component, signaling strong promoter confidence in the company’s growth trajectory. The firm specializes in transformer lamination, CRGO slit coils, amorphous cores, coil assemblies, wound cores, toroidal cores, and oil-immersed circuit breakers.
Mangal Electrical filed its draft red herring prospectus (DRHP) with SEBI on December 24, 2024, and received approval between June 3 and June 6, 2025, alongside Vidya Wires and others. The company’s focus on transformer components aligns with India’s growing energy infrastructure needs, driven by urbanization and industrial expansion.
“The transformer component market is a backbone of India’s power sector,” noted Priya Malhotra, an equity research analyst at InvestWise Advisors. “Mangal Electrical’s IPO comes at a time when India is scaling up its renewable energy and smart grid initiatives. Their specialized offerings could attract investors looking for exposure to the energy transition.”
Market Context: A Robust IPO Pipeline in 2025
The approval of these IPOs underscores the resilience of India’s capital markets in 2025, despite global economic uncertainties and domestic market volatility. The Indian IPO market has seen a surge in activity this year, with companies like LG Electronics India, Continuum Green Energy, and Greaves Electric Mobility also securing SEBI nods for their public issues.
According to data from IPO Watch, the Indian IPO market is experiencing a “hiccup” due to tariff-related uncertainties, but investor appetite remains strong for fundamentally sound companies in high-growth sectors like energy, infrastructure, and technology. The grey market premium (GMP) for upcoming IPOs, including those of Vidya Wires and Mangal Electrical, is being closely monitored as a gauge of investor sentiment.
The broader market context is favorable, with India’s GDP growth projected at 6.8% for FY 2025-26 and government initiatives like the National Infrastructure Pipeline driving demand for electrical and transformer components. However, analysts caution that global supply chain disruptions and commodity price volatility could pose challenges for companies like Vidya Wires and Mangal Electrical, which rely on copper and aluminum inputs.
Investor Outlook: Opportunities and Risks
For investors, the Vidya Wires and Mangal Electrical IPOs present a compelling opportunity to gain exposure to India’s industrial and energy sectors. Vidya Wires’ diversified product portfolio and focus on renewable energy components make it an attractive pick for those betting on India’s solar and wind energy ambitions. Meanwhile, Mangal Electrical’s pure-play fresh issue and its role in the power sector could appeal to investors seeking stability in a critical industry.
However, risks remain. “Commodity price fluctuations, particularly for copper and aluminum, could squeeze margins for both companies,” warned Sharma. “Investors should closely scrutinize their cost management strategies and supply chain resilience before subscribing.” Malhotra added, “The lack of an OFS in Mangal’s IPO is a positive signal, but its success will hinge on execution and market conditions at the time of listing.”
The subscription status for these IPOs, expected to open in the coming weeks, will be a key indicator of investor confidence. As per SEBI regulations, the allotment process will occur within 24 hours of IPO closure, with retail, QIB, and HNI subscription numbers available on platforms like NSE, BSE, and IPO Watch.
What’s Next for Vidya Wires and Mangal Electrical?
With SEBI’s approval secured, both companies are now in the final stages of preparing their red herring prospectuses (RHPs) and setting IPO timelines. The funds raised will likely accelerate their growth plans, from expanding production capacities to investing in innovation. For Vidya Wires, the focus will be on scaling its renewable energy product lines, while Mangal Electrical aims to deepen its footprint in the transformer component market.
Investors are advised to compare these IPOs with peers in the electrical and energy sectors, analyze institutional confidence, and monitor GMP trends for insights into potential listing gains. As India’s capital markets continue to evolve, Vidya Wires and Mangal Electrical are poised to contribute to the nation’s industrial and energy growth story.
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