Bansal Wire Industries IPO Subscribed 1.76 Times On Day 1

The initial public offering for Bansal Wire Industries Ltd. was subscribed 1.76 times on the first day, with demand led by retail investors. The Rs 745-crore IPO consists of a fresh issue of 2.91 crore shares with no offer-for-sale component.

The stainless-steel wire manufacturer has set a price band of Rs 243–256 per share with a face value of Rs 5 apiece for the three-day issue, which will close on Friday. It has already raised Rs 223 crore from anchor investors a day ahead of its IPO.

The minimum lot size for retail investors is 58 shares, which requires an investment of at least Rs 14,848. For small non-institutional investors, the minimum lot size is 812, which is a total of Rs 2.07 lakh. The minimum lot size for big non-institutional investors is 3,944, which amounts to more than Rs 10 lakh, according to the red herring prospectus.

• Issue opens: July 3.

• Issue closes: July 5.

• Issue price: Rs 243–256 per share.

• Total issue size: Rs 745 crore.

• Bid lot: 58 shares.

• Listing: BSE and NSE.

Bansal Wire Industries manufactures stainless steel wire in three different segments: high carbon steel wire, low-carbon steel wire, and stainless-steel wire.

The company produces over 3,000 different types of steel wire products and serves over 5,000 customers in a variety of industries including automotive, infrastructure, power and transmission, agriculture, general engineering, hardware, and consumer goods.

It not only has a presence in India, but also exports its products to more than 50 different countries. The company's export turnover has increased at a compounded annual growth rate of 47.15% during the last three financial years.

The IPO has been subscribed 1.76 times as of 5 p.m. on Wednesday.

• Institutional investors: 0.01 times of 1%.

• Non-institutional investors: 2.44 times.

• Retail investors: 2.47 times.