IPO
Bansal Wire issue oversubscribed 60 times; raises Rs.745-Cr
Delhi-headquartered steel wire maker Bansal Wire Industries raised INR 745 crore through an initial public offering, at a price band of INR 243-256 per share. The 100% fresh issue was subscribed 59.57 times. The quota for QIBs (qualified institutional buyers) was subscribed 146 times. The portion reserved for HNIs (high net worth individuals) saw bidding of 51.46 times, followed by retail investors at 13.64 times.Bansal Wire raised INR 223.50 crore from anchor investors by allocating 87.30 lakh shares to 18 funds at INR 256 apiece.Proceeds of the IPO will be used for the payment of debt, to support the working capital requirements of the company, and for general corporate purposes.
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