July 10, 2024
New Delhi, India
Bansal Wire IPO
Bansal Wire Industries made a strong stock market debut on Wednesday, with its shares listing at ₹356 apiece on the NSE, a 39.06% premium to the issue price of ₹256 per share.
Robust IPO Demand
Bansal Wire’s IPO received significant interest from investors, leading to a strong opening. On the BSE, the shares began trading at ₹352.05 each, reflecting a 37.52% premium. The listing was in line with analysts’ expectations, who had predicted a premium of 30% to 40%.
IPO Details and Subscription
The Bansal Wire IPO was open for subscription from July 3 to July 5 and garnered robust demand across all investor categories. The company raised ₹745 crore through the book-built issue, which was entirely a fresh issue of 2.91 crore equity shares. There was no offer-for-sale (OFS) component in this IPO.
The IPO price band was set between ₹243 and ₹256 per share. The allotment of shares was finalized on July 8, and the listing date was set for July 10.
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Subscription Breakdown
The Bansal Wire IPO was subscribed 59.57 times overall, receiving bids for 127.85 crore equity shares against 2.14 crore shares on offer. The retail category was subscribed 13.64 times, the Non-Institutional Investors (NII) category saw 51.46 times subscription, and the Qualified Institutional Buyers (QIBs) portion was subscribed by a robust 146.05 times.
Grey Market Premium
Ahead of the listing, the grey market premium (GMP) for Bansal Wire IPO was ₹70 per share, indicating a premium of 27.34%.
Company Promoters and Management
The promoters of Bansal Wire include Arun Gupta, Anita Gupta, Pranav Bansal, and Arun Kumar Gupta HUF. SBI Capital Markets and Dam Capital Advisors Ltd acted as the book-running lead managers for the IPO, while Kfin Technologies served as the IPO registrar.
Closure
The successful listing of Bansal Wire shares at a significant premium underscores strong investor confidence and robust demand for the company’s IPO. This positive market reception reflects the company’s promising prospects and solid market position.
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