The initial public offering of Bansal Wire Industries will open for bidding on Wednesday, July 3 and the issue can be subscribed till Friday, July 5. The company has announced to sell its shares in the fixed price band of Rs 243-256. Investors can apply for a minimum of 58 equity shares and its multiples thereafter. Anchor book for the issue opens on Tuesday, July 2.
Bansal Wire Industries, Incorporated in December 1985, is a stainless steel wire manufacturing company. The company operates in three main segments including high carbon steel wire, low carbon steel wire (mild steel wire), and stainless steel wire. The company makes over 3,000 different types of steel wire products.
Bansal Wire Industries is looking to raise a total of Rs 745 crore via its initial stake sale, which is entirely a sale of about 2.91 crore fresh equity shares. The net proceeds from the issue shall be utilized towards repayment or prepayment of all or a portion of certain outstanding borrowings availed by the company; funding the working capital requirements and general corporate purposes.
Bansal Wire has more than 5,000 customers in different industries. The company exports products to over 50 countries. It has 14 global representatives in Bangladesh, Brazil, France, Germany, Israel, Italy, Netherlands, South Korea, South Africa, Sri Lanka, Turkey, the United Kingdom, the United States, and Vietnam. It has four manufacturing units Ghaziabad and Bahadurgarh.
The company has reserved 50 per cent of the issue for the qualified institutional bidders (QIBs), while non-institutional investors have 15 per cent of the net offer. Remaining 35 per cent of the net offer shall be allocated towards retail investors.
SBI Capital Markets and DAM Capital Advisors (Formerly IDFC Securities) are the book running lead managers of the Bansal Wire IPO, while Kfin Technologies Limited is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Wednesday, July 10 as the tentative date of listing.