Vidya Wires IPO Subscribed on Day 1

New Delhi, Dec 3 (PTI) The initial public offering of Vidya Wires Ltd got fully subscribed hours after opening for subscription on Wednesday.

The Rs 300-crore IPO received bids for 5,07,44,160 shares against 4,33,34,009 shares on offer, translating into 1.17 times subscription, as per details available with the NSE till 12:12 hours.

Retail Individual Investors (RIIs) portion attracted 1.91 times subscription while the category for non-institutional investors got subscribed 99 per cent.

Winding and conductivity products maker Vidya Wires on Tuesday said it has collected Rs 90 crore from anchor investors.

The IPO is available for subscription till December 5 in the price range of Rs 48-52 per share.

The company's public offering has a fresh issue of shares worth Rs 274 crore, along with an Offer For Sale (OFS) of 50.01 lakh shares valued at Rs 26 crore.

The company plans to utilise the net proceeds towards funding capital expenditure requirements for setting up new projects in subsidiary ALCU, payment of debt, and for general corporate purposes.

Vidya Wires is one of the largest manufacturers of winding and conductivity products for a range of critical industries and applications.

The product portfolio includes precision-engineered Enameled Wires, Enameled Copper Rectangular Strips, Paper Insulated Copper Conductors, Copper Busbar and Bare Copper Conductors, Specialised Winding Wires, PV Ribbon and Aluminum Paper Covered Strips, among others.

The products are used in varied critical applications such as energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility and railways.