The initial public offering of Bansal Wire Industries will close for public subscription today. The IPO has so far been subscribed 5.73 times, thanks to high net worth individuals and retail investors.

The ₹745-crore initial public offering in a price band of ₹243-256, is entirely a fresh issue of 2.91 crore shares. The market lot is 58 shares.

While half the issue size has been reserved for qualified institutional investors (QIBs), 35 per cent has been reserved for retail investors, and the remaining 15 per cent for non-institutional investors. The QIB portion is yet to see any big bids (subscribed just 0.09 time). However, the quota for retail investors saw strong bidding of 12.16 times, followed by retail investors at 6.19 times.

Bansal Wire on Tuesday raised ₹223.50 crore from anchor investors by allocating 87.30 lakh shares to 18 funds at ₹256 apiece. Among them are SBI Mutual Fund (MF), HDFC MF, Kotak Mahindra MF, Tata Capital MF, Edelweiss MF, Bandhan MF, and SBI Life Insurance Company, according to a circular uploaded on BSE’s website.

Proeeds 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.

Bansal Wire Industries is engaged in the business of manufacturing and exporting steel wires. It operates in three broad segments -- high carbon steel wire, mild steel wire (low carbon steel wire) and stainless steel wire -- producing a diverse range of over 3,000 wire products in various sizes. The company employs a flexible pricing strategy to manage fluctuations in material costs.

Also, the company said it plans to add a new segment of specialty wires through its upcoming plant in Dadri, which will help it grow and expand its market presence in the upcoming fiscal.

SBI Capital Markets and DAM Capital Advisors are the book-running lead managers to the issue. KFin Technologies Ltd has been appointed registrar for the issue.