Comments
Bansal Wire Industries on Wedneday entered the bourses on stellar note with a premium 37 per cent.
Shares of Bansal Wire opened at ₹352.05, higher 37.5 per cent over the IPO price of ₹256. The stock rose further to a high of ₹368.70 and hit a low of ₹335.85, before closing at ₹350.30, a premium of 36.84 per cent.
The IPO Bansal Wire, a 100 per cent fresh issue, 59.57 times.
Bansal Wire Industries which raised ₹745 crore through the initial public offering, came out with a price band of ₹243-256. It raised ₹223.50 crore from anchor investors.
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.
- Also read: Markets rebound in early trade; TCS, Tata Motors, Tata Steel, Infosys and SBI among top gainers
Bansal Wire Industries is a manufacturer and exporter of 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.
Meanwhile, according to NSE bulk deal data, Kotak Mutual Fund bought 24.62 lakh shares of newly listed company at ₹350.15 a share.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.