Bansal Wire shares pull off a better-than-expected listing; stock debuts at 39% premium on NSE

Shares of Bansal Wire Industries made a solid debut at Dalal Street on Wednesday as the stock was listed at Rs 356 on NSE, at a premium of 39.06 per cent over its issue price of Rs 256. Similarly, the stock was listed at a premium of 37.52 per cent over the given issue price at Rs 352 on BSE.
 

However, the actual listing has been better than expectation painted by the grey market premium. Ahead of listing, shares of Bansal Wire Industries were commanding a grey market premium (GMP) of Rs 70 per share, suggesting a listing pop of around 27-28 per cent for the investors.
 

The IPO of Bansal Wire Industries was open for bidding between July 03 and July 05. The New Delhi-based company had offered its shares in the fixed price band of Rs 243-256 per share with a lot size of 58 shares. The company raised a little about Rs 745 crore via its primary offering, which was entirely an offer for sale of 2,91,01,562 equity shares.
 

The issue saw a solid bidding and was overall subscribed 59.57 times. The quota for qualified institutional bidders (QIBs) was booked a stellar 146.05 times The quota for non-institutional investors was subscribed a whopping 51.46 times. The portion reserved for retail investors saw bidding for13.64 times during the three-day bidding process.
 

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.
 

DAM Capital Advisors (Formerly IDFC Securities) and SBI Capital Markets were the book running lead managers of the Bansal Wire IPO, while Kfin Technologies served as the registrar for the issue.
 

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