Bansal Wire Industries IPO Oversubscribed 59.57 Times

New Delhi, Jul 5 (PTI) The initial public offer of steel wire manufacturer Bansal Wire Industries garnered 59.57 times subscriptions on the final day of bidding on Friday.

The Rs 745-crore initial share sale received bids for 1,27,85,23,754 shares against 2,14,60,906 shares on offer, according to NSE data.

The quota for Qualified Institutional Buyers (QIBs) received 146.05 times subscription, while the category for non-institutional investors attracted 51.46 times bidding, and the portion for Retail Individual Investors (RIIs) subscribed 13.64 times.

Bansal Wire Industries on Tuesday 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.

The 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.