Bansal Wire Industries Debuts with 39% Premium on Stock Exchange
Shares of the steel wire manufacturer Bansal Wire Industries Ltd made their market debut with a premium of 39% against the issue price of Rs 256. The stock…
Shares of the steel wire manufacturer Bansal Wire Industries Ltd made their market debut with a premium of 39% against the issue price of Rs 256. The stock was listed at Rs 352.05 on the BSE, reflecting a jump of 37.51%, and further rose by 44% to Rs 368.70. On the NSE, it began trading at Rs 356, representing a 39% increase. The company’s market valuation stood at Rs 5,329.16 crore.
The initial public offer of Bansal Wire Industries was oversubscribed 59.57 times on the final day of bidding, with the Rs 745-crore initial share sale having a price band of Rs 243-256 per share. The public issue comprised an entirely fresh issue of equity shares worth Rs 745 crore, with no offer-for-sale (OFS) component. The funds raised will be used for debt repayment, to support the company’s working capital requirements, and for general corporate purposes.
Bansal Wire Industries is involved in manufacturing and exporting steel wires with operations in three main segments: high carbon steel wire, mild steel wire (low carbon steel wire), and stainless steel wire. Additionally, the company plans to introduce a new segment of specialty wires through its upcoming plant in Dadri, which is expected to enhance its market presence in the upcoming fiscal year