MUMBAI, July 10, 2024 – Bansal Wire Industries, a major player in the stainless steel wire manufacturing sector, made a spectacular debut on the National Stock Exchange (NSE). The company’s shares were listed at Rs 356, a 39% premium over the issue price of Rs 256, following its successful Initial Public Offering (IPO).
The IPO, which opened for bidding on July 3 and closed on July 5, consisted entirely of a fresh issue of 2.91 crore shares. The price band was set between Rs 243 and Rs 256 per share.
Bansal Wire’s Rs 745-crore public offer received an overwhelming response, with bids for over 67 crore equity shares, surpassing the offer size of 2.14 crore shares by 31.25 times. Qualified institutional buyers (QIBs) led the demand, subscribing to over 55 times their allotted portion. Non-institutional investors followed closely, bidding 44.60 times their quota, while retail investors subscribed to 11.76 times their reserved portion.
SBI Capital Markets Limited and Dam Capital Advisors Ltd acted as the book-running lead managers for the IPO, while Kfin Technologies Limited served as the registrar.
Founded in 1985, Bansal Wire is a prominent manufacturer of stainless steel wire, catering to various sectors, including automotive, general engineering, infrastructure, hardware, consumer durables, power and transmission, agriculture, and auto replacement. The company’s products are marketed under the brand name “BANSAL.”
Bansal Wire operates in three primary segments: high carbon steel wire, mild steel wire (low carbon steel wire), and stainless steel wire. The company’s strong market position and diversified product range have contributed to its successful market debut.
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