Bansal Wire Industries Raises Rs 223 Crore From Anchor Investors Prior To IPO

Bansal Wire Industries Ltd. has raised Rs 223 crore from anchor investors, ahead of its initial public offering.

The company allotted 87.30 lakh shares at Rs 256 apiece to 18 anchor investors.

SBI Flexicap Fund got the highest allocation of 10.96%. HDFC Mutual Fund-HDFCF Defense Fund, Kotak Mahindra Trustee Co. A/C Kotak Business Cycle Fund, SBI Life Insurance Co., HSBC Flexi Cap Fund, Bandhan Small Cap Fund, Malabar Midcap Fund, Think India Opportunities Master Fund got 6.26% stake in the steel wire manufacturing company. HDFC Mutual Fund-HDFC Manufacturing Fund got 4.70% stake in the company.

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Nine domestic mutual funds have applied through a total of 12 schemes, Bansal Wire Industries said in an exchange filing on Tuesday. They have collectively netted 62.42% of the anchor portion of Rs 223 crore.

SBI, Kotak Mahindra and HDFC Mutual Fund were among the top fund houses in this category.

The leading book managers for the anchor round were SBI Capital Markets Ltd. and DAM Capital Advisors Ltd.

The company will launch its initial public offering on Wednesday to raise up to Rs 745 crore.

The company has set a price band of Rs 243-256 per share for its three-day IPO, consisting of only fresh issue. The minimum application lot size is 58 shares.

The offer, which concludes on Friday, is set to list on the BSE and the National Stock Exchange.