Bansal Wire Industries IPO Subscribed 5.72 Times
Jul 04, 2024 19:12
Bansal Wire Industries' IPO received 5.72 times subscription on Day 2, with strong interest from non-institutional investors and RIIs. The IPO closes on July 5.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Jul 4 (PTI) The initial public offer of steel wire manufacturer Bansal Wire Industries received 5.72 times subscription on the second day of bidding on Thursday.
The initial share sale received bids for 12,28,12,970 shares against 2,14,60,906 shares on offer, according to NSE data.
The quota for non-institutional investors was subscribed 12.16 times while the portion for Retail Individual Investors (RIIs) fetched 6.18 times subscription. The Qualified Institutional Buyers (QIBs) part received a mere 9 per cent subscription.
Bansal Wire Industries on Tuesday said it has collected over Rs 223 crore from anchor investors.
The public issue is an entirely fresh issue of equity shares worth Rs 745 crore, with no offer-for-sale (OFS) component.
The issue, with a price band of Rs 243-256 per share, will close for public subscription on July 5.
Funds will be used for the payment of debt, to support the working capital requirements of the company, and for general corporate purposes.
Bansal Wire Industries is engaged in the business of manufacturing and exporting steel wires. It operates in three broad segments' high carbon steel wire, mild steel wire (low carbon steel wire) and stainless steel wire.
Also, the company plans to add a new segment of speciality wires through its upcoming plant in Dadri, which will help it grow and expand its market presence in the upcoming fiscal.
SBI Capital Markets and DAM Capital Advisors are the book-running lead managers to the issue.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
MORE NEWS
Coal India Relocates Township for Coal Mining...
Coal India's NCL plans to relocate Morwa township in Singrauli, MP, due to 600 million...
Dr Reddy's & FDC Recall Products in US for...
Dr Reddy's Laboratories and FDC Ltd are recalling generic medications in the US due to...
Odd-Even Rule for Cleaner Fuels in Delhi:...
The Indian Biogas Association proposes enforcing the odd-even rule in Delhi NCR to...
CNG Price Hike: Retailers Seek Justification,...
CNG retailers like IGL and Adani Total Gas are pushing for a price hike after gas...
Debt MF Inflows Surge in Oct: Liquid Schemes...
Debt mutual funds witnessed a strong rebound in October, with liquid schemes attracting...
Hyundai Bets Big on CNG: Sales Surge in India
Hyundai Motor India sees strong demand for CNG vehicles, with sales increasing across...
FPIs Pull Out Rs 22,420 Cr From Indian Equities...
Foreign Portfolio Investors (FPIs) have withdrawn Rs 22,420 crore from the Indian...
FII Activity, Global Trends to Drive Indian...
Analysts predict FII activity and global trends will dictate Indian equity markets this...
Top 10 Firms Lose Rs 1.65 Lakh Cr in Mcap
Eight of India's top 10 firms lost Rs 1.65 lakh crore in market valuation last week,...
UNESCO 'IT Ministry Discuss AI Safety 'Ethics...
UNESCO and India's IT Ministry hosted a consultation on AI safety and ethics, aiming to...
Read More »