Bansal Wire IPO fully subscribed on day 1: Check subscription status, price band and other key details

Bansal Wire Industries IPO opened to a strong demand from investors on Wednesday, July 3. The initial public offering (IPO) of the steel wire maker was fully subscribed on the first day of bidding with applications for over 3.77 crore shares against 2.14 crore shares on offer. The public issue was overall booked 1.76 times on the first day of bidding, as per the NSE.

The strong demand for the public issue was driven by retail investors. In the retail category the IPO was booked 2.47 times. The retail portion received bids for over 2.64 crore shares compared to 1.07 crore shares set aside for the segment.

The Non Institutional Investors (NIIs) placed bids for more than 1.12 crore shares against the 45.98 lakh shares reserved for the category. The issue was booked 2.44 times in the NIIs’ category. The Qualified Institutional Buyers (QIBs) applied for 84,448 shares compared to 61.31 lakh shares reserved for the category, leading to the issue being subscribed 1% in the category.

Bansal Wire IPO offer size, price band and lot size

Bansal Wire IPO is a book-building issue worth ₹745 crore. The public issue comprises a fresh issue of 2.91 crore shares. The public issue has no offer-for-sale (OFS) component. The IPO price band for the public issue has been fixed at ₹243 to ₹256 per share.

The minimum lot size for retail investors is 58 shares, aggregating to a minimum investment of ₹14,848.

The registrar for Bansal Wire Limited IPO is Kfin Technologies Limited.

Bansal Wire IPO: Subscription window, listing date and allotment status

The bidding window for Bansal Wire IPO opened today on July 3 and is scheduled to close on July 5. Bansal Wire Industries IPO allotment status is expected to be finalised on July 8. The company will initiate refunds for non-allottees and transfer shares to the Demat accounts of successful bidders on July 9.

Bansal Wire IPO listing date has been tentatively fixed as July 10. Shares of Bansal Wire will list on the NSE and BSE.

Bansal Wire IPO: Key financials

Bansal Wire’s revenue for the fiscal year ended March 31, 2024 increased 2.1% to ₹2,466 crore compared to ₹2,413 crore in FY23. The stainless steel wire maker posted a growth in its profit after tax (PAT) of 31% to ₹78.7 crore compared to ₹59.9 crore in FY23.

Bansal Wire IPO: Objective

Bansal Wire will use the money raised via the public issue for repayment or prepayment of its borrowings. The proceeds will also be used for funding the working capital requirements. Apart from these the IPO proceeds will also be used for general corporate purposes

About Bansal Wire

Bansal Wire Industries was incorporated in 1985. The company manufactures stainless steel wires and operates in three major segments: high carbon steel wire, low carbon steel wire (mild steel wire), and stainless steel wire. The company exports its products to more than 50 countries. It also largest stainless steel wire company and second largest by volume in India. The company holds 20% market share in stainless steel wire and 4% in steel wires in India. Their products find application in major industries like Automotive, General Engineering, Infrastructure, Consumer durables, Power & transmission, etc.