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Bansal Wire IPO subscription closes today

5 Jul 2024 , 12:56 PM

The IPO of Bansal Wire Industries Limited, a major player in the steel wire industry which opened for bidding on July 3, 2024, is closing today on July 5, 2024.  

At the time of writing on July 5, 2024 at 12:54 pm on the third day of bidding, the book build issue was subscribed 12.12 times. The retail portion was filled 9.77 times. The NII (Non-Institutional Investors) segment was subscribed 30.60 times. The QIB (Qualified Institutional Buyers) portion was subscribed 5.20 times.

The IPO price band is set at ₹243-₹256 per share. Investors must apply for a minimum of 58 equity shares, requiring a minimum investment of ₹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 from the IPO 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. SBI Capital Markets and DAM Capital Advisors are the book-running lead managers for the issue.

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