Bansal Wire Industries IPO raises ₹223 crore

On Tuesday, Bansal Wire Industries, a steel wire manufacturer based in Mumbai, raised more than Rs 223 crore in the anchor book round prior to the start of its IPO on July 3.

As per the exchange filing, the company distributed 87,30,468 equity shares to anchor investors at a rate of Rs 256 per share.

The company announced that 87,30,468 Equity Shares have been allocated to Anchor Investors at the Anchor Investor Allocation Price of Rs 256/- per Equity Share (including share premium of Rs 251/- per Equity Share) through consultation with SIBI Capital Markets Limited and DAM Capital Advisors Limited as Book Running Lead Managers, as per the resolution of the Board of Directors dated July 2, 2024, stated in the filing.

SBI Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, Eastspring Investments, Optimix Wholesale Global Emerging Markets Share Trust, HSBC Mutual Fund, and Edelweiss Trusteeship all took part in the company's one-day anchor book launch held on Tuesday.

Moreover, Motilal Oswal Mutual Fund, Carmignac Portfolio, Tata Mutual Fund, DSP India, Malabar Midcap Fund, and Think India Opportunities Master Fund also participated in the company's anchor book investments.

The company also stated that 54,49,176 equity shares (equivalent to 62.42% of the total allocation to anchor investors) were allocated to 9 domestic mutual funds, which applied through a total of 12 schemes, out of the total allocation of 87,30,468 equity shares to the anchor investors.

Bansal Wire Industries IPO details

The IPO of Bansal Wire Industries will be available for subscription from July 3, 2024, until July 5, 2024. The steel wire manufacturer has established a price range of Rs 243 to RS 256 per share.

According to the Red Herring Prospectus (RHP), the IPO is valued at Rs 745 crore and is made up of 29,101,562 new equity shares with no offer for sale (OFS) element.

The IPO of Bansal Wire Industries has assigned 15% of shares to non-institutional investors (NII), 50% for qualified institutional buyers (QIB), and a minimum of 35% for retail investors.

The lead managers overseeing the Bansal Wire IPO are SBI Capital Markets Limited and Dam Capital Advisors Ltd (previously known as IDFC Securities Ltd), with Kfin Technologies Limited serving as the registrar for the offering.

Today, the Grey Market Premium (GMP) for Bansal Wire IPO is +66, showing that Bansal Wire Industries stocks are selling at a premium of Rs 65 in the unofficial market.

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