Bansal Wire IPO Soars with 59.57 Times Subscription

Bansal Wire Industries' initial public offering (IPO) received an overwhelming 59.57 times subscription on the final day of bidding. The Rs 745-crore IPO received bids for approximately 1.27 billion shares against the 2.14 million on offer. The funds raised will be used to support the company's debt repayment, working capital, and other general corporate purposes.

Devdiscourse News Desk | New Delhi | Updated: 05-07-2024 20:22 IST | Created: 05-07-2024 20:22 IST
Bansal Wire IPO Soars with 59.57 Times Subscription
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The initial public offering (IPO) of steel wire manufacturer Bansal Wire Industries achieved a remarkable 59.57 times subscription on its final bidding day, Friday. The Rs 745-crore IPO saw unprecedented demand, receiving bids for 1,27,85,23,754 shares as opposed to the 2,14,60,906 shares available, as per NSE data.

The segment for Qualified Institutional Buyers (QIBs) alone recorded a 146.05 times subscription rate, with non-institutional investors bidding 51.46 times, and Retail Individual Investors (RIIs) at 13.64 times. Earlier in the week, Bansal Wire Industries had garnered over Rs 223 crore from anchor investors.

This IPO is an entirely fresh issue of equity shares, totaling Rs 745 crore, without an offer-for-sale (OFS) component. Priced between Rs 243-256 per share, the public subscription is set to close by July 5. The funds raised will be allocated towards debt repayment, working capital needs, and general corporate purposes. Bansal Wire Industries specializes in manufacturing and exporting steel wires and plans to expand into speciality wires via their new plant in Dadri. SBI Capital Markets and DAM Capital Advisors are leading the book-running for the issue.

(With inputs from agencies.)

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