Bansal Wire Industries Ltd’s IPO opened on July 3. The ₹745-crore IPO will close on July 5. The IPO is witnessing a 3.80 times subscription by 1:53 am on the second day. The IPO price band is set at ₹243-₹256 per share.
At the time of writing on July 4, 2024, at 1:53 pm, Non-institutional investors’ quota received 6.77 times subscription, retail individual investors (RIIs) subscribed 4.68 times, and qualified institutional buyers (QIBs) received 0.02 times subscription so far.
Bansal Wire Industries raised ₹223 Crore from anchor investors a day before the IPO. IPO allotment will be on July 8, with shares likely listing on BSE and NSE on July 10. Investors must apply for a minimum of 58 equity shares, making the minimum investment ₹14,848 at the upper price band.
The IPO is a fresh issue of equity shares worth ₹745 Crore, with no offer-for-sale (OFS) component. Funds will be used for debt repayment, working capital requirements, and general corporate purposes.
Bansal Wire Industries manufactures and exports steel wires, operating in high carbon steel wire, mild steel wire (low carbon), and stainless steel wire segments. The company plans to introduce a new segment of specialty wires with a new plant in Dadri to expand its market presence.
The company’s total income grew at a CAGR of 28% to ₹2,422.56 Crore in FY23 from ₹1,480.41 Crore in FY21, and profit after tax (PAT) grew at a CAGR of 21.7% to ₹59.93 Crore in FY23 from ₹40.46 Crore in FY21.
Half of the IPO is reserved for qualified institutional investors (QIBs), 35% for retail investors, and 15% for non-institutional investors. SBI Capital Markets and DAM Capital Advisors are the book-running lead managers for the issue.
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