Bansal Wire Industries Soars 39% on Market Debut

Shares of Bansal Wire Industries Ltd debuted at a premium of 39% over its issue price. Viewed favorably on the BSE and NSE, the stock reached significant highs. The Rs 745-crore IPO, oversubscribed 59.57 times, will fund debt repayment, working capital, and corporate purposes. The company plans to introduce a new speciality wire segment.

Devdiscourse News Desk | New Delhi | Updated: 10-07-2024 11:05 IST | Created: 10-07-2024 11:05 IST
Bansal Wire Industries Soars 39% on Market Debut
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Shares of steel wire manufacturer Bansal Wire Industries Ltd on Wednesday debuted strongly with a 39 per cent premium over the issue price of Rs 256.

The stock opened at Rs 352.05 on the BSE, an increase of 37.51 per cent, and further surged to Rs 368.70, marking a 44 per cent rise.

On the NSE, shares started trading at Rs 356, up by 39 per cent. The company's market valuation reached Rs 5,329.16 crore.

The IPO was oversubscribed 59.57 times on the final day of bidding, with the share sale raising Rs 745 crore.

The funds will be allocated towards debt repayment, working capital requirements, and general corporate purposes. Speciality wire manufacturing through the new Dadri plant is also on the horizon to boost growth.

(With inputs from agencies.)

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