The initial public offeri of Bharat Wire Ropes (BWP) closed successfully on Tuesday with the issue being subscribed 1.21 times. Qualified institutional buyers bought 1.01 times while retail investors applied for 2.08 times the portion reserved for them. The Maharashtra-based BWP has raised ₹70 crore through the offer. The company, which manufactures wire ropes for industries such as power transmission, among others, issued equity shares with face value of ₹10 each at a price band of ₹40-45 a share. The company is valued at ₹200 crore. The proceeds from the public issue will be used to build a 66,000 tpa plant.
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