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.
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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.