New Delhi, Aug. 20 -- The initial public offering (IPO) of Mangal Electrical Industries received a healthy response on its first day of bidding, August 20, with investors placing bids for 25.45 lakh shares against the total offer of 49.91 lakh shares, resulting in an overall subscription of 0.57 times by the end of Day 1, according to exchange data.

The non-institutional buyers portion subscribed 0.76 times, while the retail investors' portion was booked 0.74 times. The QIB (Qualified Institutional Buyers) portion was subscribed just 0.13 times.

The company aims to raise Rs.400 crore through the offering, which is entirely a fresh issue. The IPO price band is set at Rs.533 to Rs.561 per share. Retail investors can apply for a minimum of...