Bansal Wire Industries IPO Receives Strong Response on Day 1

Bansal Wire Industries' initial public offer received 1.76 times the subscription on its first bidding day. The company secured bids for 3,77,76,154 shares compared to 2,14,60,906 shares on offer. Collected over Rs 223 crore from anchor investors, funds will support debt payments, working capital, and corporate purposes.

Bansal Wire Industries' initial public offering (IPO) witnessed robust interest on its first day, achieving 1.76 times the subscription.

According to data from the National Stock Exchange (NSE), bids were placed for 3,77,76,154 shares against the 2,14,60,906 shares available.

The Retail Individual Investors (RIIs) segment was subscribed 2.47 times, and non-institutional investors' portion saw a 2.44 times subscription, while Qualified Institutional Buyers (QIBs) recorded 1% subscription.

On Tuesday, the company announced it had raised over Rs 223 crore from anchor investors.

The IPO is a fresh issue of equity shares worth Rs 745 crore, with a price band of Rs 243-256 per share, open for public subscription from July 3-5.

Proceeds from the IPO will be utilized for debt repayment, working capital necessities, and general corporate purposes.

Bansal Wire Industries, which manufactures and exports steel wires, plans to expand by introducing a new segment of specialty wires at its upcoming Dadri plant.

SBI Capital Markets and DAM Capital Advisors are serving as the book-running lead managers for the issue.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)