New Delhi, Aug. 22 -- The initial public offering of Mangal Electrical Industries Ltd, a manufacturer of transformer components, was subscribed 1.98 times by the second day of bidding on Thursday.

The non-institutional investors' category saw a subscription rate of 4.20 times, while the allocation for Retail Individual Investors (RIIs) was subscribed 2.08 times. The portion reserved for Qualified Institutional Buyers (QIBs) only received a 13 percent subscription.

On Tuesday, Mangal Electrical Industries raised Rs.120 crore from its anchor investors.

Mangal Electrical Industries specialises in processing transformer components, including transformer lamination, amorphous cores, coil assemblies, core assemblies, wound core, toroidal cor...