Vidya Wires IPO kicks off today: Should you subscribe to this issue?

The initial public offering (IPO) Vidya Wires opens for bidding on Wednesday, December 03. The diversified metal wires maker shall be selling its shares in the range of Rs 48-52 and investors can apply for a minimum of 288 equity shares and its multiples thereafter. The issue shall close for bidding on Friday, December 05.

The Rs 300.01 crore IPO of Vidya Wires includes a fresh share sale of 5,26,92,307 equity shares worth Rs 274 crore and an offer-for-sale (OFS) of up to 50,01,000 equity shares by its promoters and existing shareholders worth Rs 26.01 crore. The net proceeds from the issue shall be used to repay debt, capital expenditure and general corporate purposes.

Incorporated in 1981, Anand, Gujarat-based Vidya Wires is engaged in manufacturing copper and aluminum wires. It manufactures winding and conductivity products for various industries, including precision-engineered wires, copper strips, conductors, busbars, specialized winding wires, PV ribbons, and aluminum paper-covered strips.

Vidya Wires raised a total of Rs 90 crore from 10 anchor investors as it allocated 1,73,07,991 equity shares for Rs 52 apiece. Its anchor book included names like Bandhan Smallcap Fund, Bank of India Mutual Funds, LIC Mutual Fund, Alchemy Emerging Leaders of Tomorrow, MAIQ Growth Scheme and Maybank Securities.

Vidya Wires reported a net profit of Rs 12.06 crore with a revenue of Rs 413.09 crore for the six months ended on September 30. The company's loss stood at Rs 40.87 crore with a revenue of Rs 1,491.45 crore for the financial year 2024-25. At current valuations, it shall command a market capitalization more than Rs 1,100 crore.

Vidya Wires has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of reservation. Retail investors will have 35 per cent of the allocation in the IPO. Last heard, Meesho was commanding a grey market premium of Rs 6 apiece, suggesting nearly 12 per cent listing gains for the investors.

Pantomath Capital Advisors and IDBI Capital Markets & Securitie are the book running lead managers for the Vidya Wires IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on December 10, 2025. Here's what a host of brokerage firms say about the IPO of Vidya Wires:
 

SBI Securities

Rating: Subscribe

Vidya Wires IPO is valued at a FY25 P/E ratio of 27.1 times on post-issue capital. It has demonstrated healthy financial performance with revenue, Ebitda and PAT growing at a CAGR of 21 per cent, 34 per cent and 38 per cent to Rs 1,486 crore, Rs 64 crore and Rs 41 crore, respectively between FY23-25, said SBI Securities.

"Vidya Wires is undergoing a significant capacity expansion plan that would double its existing capacity which would increase its current market share to over 11 per cent. The introduction of new products is expected to be accompanied by improved margins, potentially enhancing profitability in the future. The issue seems to be reasonably valued. We recommend to 'subscribe for long-term' to this issue," it adds.
 

Anand Rathi Shares & Stock Brokers

Rating: Subscribe for long-term

Vidya Wires is valued at 27.0x FY25 P/E, translating to a post-issue market cap of Rs 1,106 crore. It currently manufactures over 8,000 SKUs and, through the Proposed Project, plans to broaden its portfolio with products such as copper foils, copper components, transposed conductors, PV round ribbons, solar cables, and enameled aluminium wires and strips, said Anand Rathi.

Post-implementation, they aim to offer around 18 products to both existing and new customers. The management is also targeting high-growth sectors like EVs and renewable energy, diversifying its product lines to cater to these segments while expanding its global footprint. Given these factors, the IPO appears fairly valued," it added with a 'subscribe for long term' rating.
 

Arihant Capital Markets

Rating: Subscribe

Vidya Wires is well-positioned for sustained growth driven by strategic capacity expansion and alignment with India's structural economic transformation. Its planned capacity doubling will enable significant volume growth while improving operational leverage and profitability, said Arihant Capital Markets.

Strong positioning in high-growth sectors including renewable energy transition, electric vehicle electrification and power transmission infra provides multi-decade tailwinds. Improving operational metrics, strong customer relationships with marquee OEMs, and backward integration capabilities indicate management's commitment to operational excellence and quality," it said with a 'subscribe' rating.
 

Swastika Investmart

Rating: Subscribe

Vidya Wires operates in a competitive, thin-margin segment. It has delivered consistent growth in both revenue and profitability over the reported periods. Its ROE of 24.57 per cent is superior to both Precision Wires and Ram Ratna Wires, said Swastika Investmart.

"Vidya Wires is priced at roughly 50 per cent of the industry average P/E. Even if we account for the 'smallcap discount' or liquidity risks, the valuation gap is substantial. Investors can consider subscribing for a medium to long-term perspective," it added.
 

Ventura Securities

Rating: Subscribe

Vidya Wires is investing in advanced technology to improve product quality and enhance manufacturing processes. It is focused on automation and digitization across its production lines, ensuring higher precision, reduced operational costs, and improved scalability, said Ventura Securities.

"Its strategic focus on product innovation and its commitment to sustainability further bolster its growth prospects. These initiatives are expected to drive operational efficiencies and help meet the increasing demand for high-performance wires in emerging industries such as electric vehicles and renewable energy," it added with a 'subscribe' rating.
 

SMIFS

Rating: Subscribe

"We recommend subscribing to the issue as a compelling long-term investment, backed by Vidya's emerging 3rd largest position in India's consolidating winding and conductivity products market, 91 per cent capacity expansion driving scale, eight new high-margin products capturing renewable energy and EV demand, positioning the company to deliver sustained value creation through India's energy transition cycle," said SMIFS.
 

BP Equities

Rating: Subscribe

Vidya Wires maintained a consistent debt to equity ratio around 0.9 times, with fixed asset turnover reaching a high of 36 times in FY25, said BP Equities. "The issue is valued at a P/E of 27.1 times based on FY25 earnings, which appears highly lucrative given the industry average. Given strong growth prospects and planned expansion, we recommend a 'subscribe' rating for this issue."
 

Lakshmishree Investments & Securities

Rating: Subscribe

Vidya Wires operates in a foundational and high-demand industry, benefiting from significant secular tailwinds driven by the massive electrification, clean energy, and EV adoption initiatives in both the Indian and global markets. It has demonstrated robust and scalable financial performance, said Lakshmishree Investments & Securities.

"Despite commodity price risks and the cyclical nature of end-user industries, Vidya Wires' market leadership, extensive product portfolio (over 8,000 SKUs), and strategic capacity growth provides a clear path to sustainability. We recommend a ‘subscribe’ rating for investors," it added.
 

Kunvarji Wealth

Rating: Subscribe for long-term

"We recommend subscribing to this IPO with a medium to long term view as the issue appears reasonably priced. The company is a leading player in manufacturing of winding and conductivity products ranges of wires. With over four decades of experience, the company’s financial performance is rising, and it is expanding its capacities to meet growing demand," said Kunvarji Wealth.