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About half of the fresh listing has been reserved for qualified institutional investors, while retail investors can bid for 35 per cent of the offer. (Image Source: Groww) ( Image Source : Other )
Bansal Wire Industries started accepting bids for its initial public offering (IPO) on Wednesday. The steel wire manufacturer said that its maiden offer raised more than Rs 233 crore from anchor investors on Tuesday.
The investors who received shares as part of this fundraising included SBI Mutual Fund (MF), Kotak Mahindra MF, Tata Capital MF, HDFC MF, Bandhan MF, SBI Life Insurance Company, and Edelweiss MF, reported PTI. The firm allocated 87.30 lakh shares to 18 funds priced at Rs 256 apiece. This brought the transaction size to Rs 223.5 crore.
The fresh offering comprises of an issue of equity shares worth Rs 745 crore. The IPO doesn’t have an offer-for-sale (OFS) component.
The maiden issue will be open for subscription for the public from July 3 to 5, 2024. The price band of the IPO has been set at Rs 243-Rs 256 per share.
About half of the fresh listing has been reserved for qualified institutional investors, while retail investors can bid for 35 per cent of the offer. The remaining 15 per cent has been fixed for non-institutional investors.
The investors can place their bids for a minimum of 58 shares and in multiples of 58 thereafter. The issue is being led by SBI Capital Markets and DAM Capital Advisors as the book running lead managers.
The firm plans to utilise the funds raised from the issue towards debt payment and to finance the working capital requirements of the company. Further funds would be set aside for general corporate purposes.
The manufacturer is involved in making and exporting steel wires. It currently operates in three broad segments - high carbon steel wire, stainless steel wire, and mild steel wire.
The firm intends to expand operations to include a new segment of specialty wires via its upcoming plant in Dadri. The manufacturer’s total income surged at a compounded annual growth rate (CAGR) of 28 per cent to touch Rs 2,422.56 crore in the 2022-23 fiscal year (FY23), up from Rs 1,480.41 crore logged in FY21.
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