Excellent Wires and Packaging IPO Day 2: Issue subscribed 2.40 times so far driven by retail demand

Excellent Wires and Packaging IPO witnessed strong demand, with the issue being subscribed 2.40 times so far on Thursday, the second day of bidding.

The retail portion of the IPO was subscribed 4.44 times the allotted quota. The non-institutional investors (NIIs) category attracted 0.37 times the subscription.

Excellent Wires and Packaging IPO price band, lot size and other details

The ₹12.6-crore initial public offering of Excellent Wires and Packaging Limited is completely a fresh issue of 14 lakh shares. The price band has been fixed at ₹90 per share.

Retail investors interested in applying for the Excellent Wires and Packaging IPO can place bids for at least a single lot size of 1,600 shares, which aggregates to an investment of ₹1,44,000. On the other hand, high-net-worth individuals (HNIs) can apply for a minimum of two lots or 3,200 shares, aggregating to ₹2,88,000.

The money raised will be used to acquire land, construct a building, and acquire plant and machinery. A portion will also be used to fund working capital requirements and general corporate purposes.

Excellent Wires and Packaging IPO: Key dates

Excellent Wires and Packaging IPO subscription will close on September 13. The share allotment status is likely to be finalised by September 16. The company will initiate refunds for unsuccessful bidders on September 17 and successful bidders will receive shares in their Demat accounts the same day. Shares of the company will be listed on the NSE SME platform, Emerge. The tentative IPO listing date is September 19.

Bigshare Services Pvt Ltd is the public offer’s registrar, and Inventure Merchant Banker Services Pvt Ltd is the book-running lead manager.

Excellent Wires and Packaging Limited, incorporated in March 2021, manufactures a wide range of wires and wire ropes. The company’s product portfolio includes spring steel wire, high carbon wire, galvanised wire (GI Wire), and other such wires.

Excellent Wires and Packaging IPO: Key financials

In FY24, Excellent Wires and Packaging Limited’s revenue increased over 6% to ₹15.4 crore compared to ₹14.48 crore in FY23. The company’s profit-after-tax increased to ₹82.98 lakh in FY24, up over 695% against ₹10.43 lakh in FY23. In FY24 Excellent Wires and Packaging’s net worth grew over 2220% to ₹3.97 crore compared to ₹17.11 lakh in FY23.