Shareholder Lock-In: Mangal Electricals shares, down 24% from IPO price, to free up for trade today

Shares of Mangal Electrical Industries Ltd. will be in focus on Monday, November 24, as the company's three month lock in period ends today.

Nuvama Alternative and Quantitative Research estimates that about 11 lakh shares will unlock for trading

on November 24, accounting for roughly 4% of the company's outstanding equity.

Based on Friday's closing price, the shares becoming eligible for trade are valued at over ₹46.75 crore.

The end of a lock in does not imply that all shares will be sold, only that they are now permitted to be traded in the open market.

Mangal Electrical Industries manufactures transformer components including laminations, amorphous cores, coil and core assemblies, wound and toroidal cores, and oil immersed circuit breakers.

Its customer base includes government discoms and companies such as Ajmer Vidyut Vitran Nigam Ltd, Jaipur Vidyut Vitran Nigam Ltd, Voltamp Transformers Ltd and Western Electrotrans.

The stock made a muted market debut on August 28, listing at a 1% discount to its IPO price of ₹561.

Shares of Mangal Electrical Industries Ltd. settled 2.46% lower at ₹425 on Friday. The stock is now down 24% from its IPO price.