Bansal Wire Industries IPO Subscribed 5.73 Times On Day 2
The IPO has been subscribed 5.73 times as of 5 p.m. on Thursday.
Bansal Wire Industries' initial public offering was subscribed 5.73 times on Thursday. It 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 Details
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.
Business
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.
Subscription Status: Day 2
The IPO has been subscribed 5.73 times as of 5 p.m. on Thursday.
Institutional investors: 0.09 times or 9%.
Non-institutional investors: 12.16 times.
Retail investors: 6.19 times.
