Bansal Wire Industries, a leading manufacturer of stainless steel wire, raised ₹223.5 Crore through anchor investors on July 2, just a day before its initial public offering (IPO) opens for subscription. The IPO, valued at ₹745 Crore, will be open for bidding from July 3 to July 5, with a price band set at ₹243-256 per share.
The company has finalized the allocation of 87,30,468 equity shares to anchor investors at a price of ₹256 per equity share. Prominent mutual funds and investment firms participated in this anchor book, including SBI Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Eastspring Investments, Optimix Wholesale Global Emerging Markets Share Trust, HSBC Mutual Fund, and Edelweiss Trusteeship.
In addition to the aforementioned investors, other significant participants in the anchor book included Motilal Oswal Mutual Fund, Carmignac Portfolio, Tata Mutual Fund, DSP India, Malabar Midcap Fund, and Think India Opportunities Master Fund.
The IPO of Bansal Wire Industries comprises solely a fresh issue with no offer-for-sale component. This means that the entire proceeds from the issue, excluding IPO expenses, will go directly to the company. The net proceeds from the fresh issue, totaling ₹546.4 Crore, will be primarily used for repaying debts of the company and its subsidiary. An additional ₹60 Crore will be allocated for working capital requirements, with the remaining funds set aside for general corporate purposes.
Bansal Wire Industries operates through four manufacturing facilities located in the National Capital Region of India. These facilities include three in Ghaziabad, Uttar Pradesh, and one in Bahadurgarh, Haryana. The company specializes in producing high carbon steel wire, low carbon steel wire, and stainless steel wire, catering to diverse industrial needs.
SBI Capital Markets and DAM Capital Advisors are the merchant bankers managing the IPO, ensuring a smooth and efficient process for investors.
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