Bansal Wire Industries IPO Subscribed 5.73 times on Day 2

5 Jul 2024 , 09:13 AM

Bansal Wire Industries’ initial public offering (IPO) received a positive reaction from investors on the second day of the bidding process. After being fully subscribed on the first day of bidding, the offer saw additional interest from NII and retail investors, while QIBs waited until the last day.

Bansal Wire Industries, situated in New Delhi, is selling shares for ₹243-256 each. Investors can apply for a minimum of 58 shares and multiples thereof. It intends to generate ₹745 crore through an initial public offering (IPO) of 2,14,60,906 equity shares.

According to the statistics, investors bid for 12,28,88,254 equity shares, or 5.73 times, compared to the 2,14,60,906 equity shares offered for subscription at 5 p.m. on Thursday, July 4. The three-day bidding for the issue will end on Friday, July 5.

Retail investors subscribed 6.19 times, while non-institutional investors subscribed 12.16 times. However, the quota reserved for qualified institutional bidders (QIBs) was subscribed 9%.

Bansal Wire Industries, founded in December 1985, is a stainless steel wire manufacturer. The company operates in three major segments: high carbon steel wire, low carbon steel wire (mild steel wire), and stainless steel wire. The company produces about 3,000 distinct steel wire products.

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