Vidya Wires IPO Soars with Massive Oversubscription

Vidya Wires Ltd's IPO achieved significant success, being subscribed 26.59 times over. A total of Rs 300 crore was raised, with strong interest from non-institutional and retail investors. The company aims to utilize the funds for capital expenditure, debt payment, and corporate purposes.

The initial public offering (IPO) of Vidya Wires Ltd witnessed an overwhelming response, achieving a subscription rate of 26.59 times by the end of its share sale last Friday.

According to data from the NSE, the Rs 300-crore IPO attracted bids for 1,15,23,55,104 shares against 4,33,34,009 shares on offer. Non-institutional investors alone subscribed 51.98 times, while retail individual investors showed a 27.86 times interest, and qualified institutional buyers subscribed 5.12 times.

The company plans to utilize the IPO proceeds from its Rs 274 crore fresh issue and Rs 26 crore offer for sale to fund capital expenditure for new projects, debt payments, and general corporate purposes. Vidya Wires, a leading manufacturer of winding and conductivity products, collected Rs 90 crore from anchor investors ahead of the IPO.

(With inputs from agencies.)