BMW Ventures share price: Shares list at 21% discount to the issue price; Check details

Shares of BMW Ventures witnessed a subdued listing at the bourses on Wednesday as the shares listed at a 21% discount to the issue price. The shares debuted at ₹74 apiece on the NSE against the issue price of ₹99 apiece.

The initial share sale was subscribed 1.50 times, with bids for 3,51,67,598 shares compared to 2,34,00,000 shares on offer, according to the NSE data.

The category for qualified institutional buyers, or QIBs, attracted 3.09 times subscription, and the part for non-institutional investors (NIIs) was booked 3.03 times. The retail investors' quota fetched 99% bidding.

The ₹231.66 crore initial public offering, which had set a price band of ₹94 to ₹99 per share, was a completely fresh issuance of 2.34 crore shares.

The net proceeds from the issue will be utilised for debt repayment and general corporate purposes.

BMW Ventures deals in the trading and distribution of steel products, tractor engines and spare parts. It is also into the manufacturing of PVC pipe and roll forming and fabrication of steel girders and pre-engineered buildings (PEB).

About BMW Ventures

BMW Ventures is engaged in the trading and distribution of steel products, tractor engines and spare parts, the manufacturing of poly vinyl chloride (PVC) pipes, and the fabrication of pre-engineered buildings and steel girders.

Its products include TMT bars, GI sheets, HR sheets, galvanised colour-coated sheets, wire rods, doors, GP sheets, hollow sections, pipes, screws and other steel-related products. It operates six stockyards: five in Patna and one in Purnea.