Unlisted shares of Bansal Wire Industries Ltd are trading Rs 76 higher in the grey market, expecting a 29.69 per cent listing gain from the public issue.
The Bansal Wire Industries IPO, which was opened for public subscription between July 3 and July 5, received a whopping 62.76 times subscription on the final day of bidding. The share allotment of the initial public offering will be finalised today, July 8. Those investors who get the Bansal Wire Industries IPO allotment will start receiving bank debit messages in the evening today.
Read More: Bansal Wire IPO allotment status check online by PAN number
The Rs 745-crore Bansal Wire Industries IPO received bids for 1,27,85,22,420 shares as against 20,371,094 shares on offer.
The quota for non-institutional investors received 54.21 times subscription, while retail individual investors (RIIs) portion got subscribed 14.37 times. The qualified institutional buyers (QIB) category received 153.86 times subscription so far.
The price band of the IPO was fixed at Rs 243-Rs 256 per share. A day before its IPO, Bansal Wire Industries on Tuesday garnered Rs 223 crore from anchor investors.
Bansal Wire Industries Ltd’s shares will likely be listed on BSE and NSE on Wednesday, July 10.
Read More: Bansal Wire IPO listing price prediction: GMP soars! Check listing date, likely share price
Bansal Wire Industries IPO: How To Check Allotment Status
Once the IPO allotment is finalised, the status can be checked by following these steps:
1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Bansal Wire Industries Ltd’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit ‘Search’ option.
Your share application status will appear on your screen.
You can also visit direct Kfin Technologies portal — https://rti.kfintech.com/ipostatus/ and check the Bansal Wire Industries IPO allotment status.
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Bansal Wire Industries IPO GMP Today
According to market observers, unlisted shares of Bansal Wire Industries Ltd are trading Rs 76 higher in the grey market as compared with its issue price. The Rs 76 grey market premium or GMP means the grey market is expecting a 29.69 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
The Rs 76 GMP is higher than the Rs 75 GMP on the final day of bidding on Friday.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Bansal Wire Industries IPO: More Details
The Bansal Wire Industries IPO is an entirely fresh issue of equity shares worth Rs 745 crore, with no offer-for-sale (OFS) component.
The funds 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.
Also, the company 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.
The company’s total income increased at a CAGR of 28 per cent to Rs 2,422.56 crore in FY23 from Rs 1,480.41 crore in fiscal 2021, and profit after tax (PAT) increased at a compound annual growth rate (CAGR) of 21.7 per cent to Rs 59.93 crore in FY23 from Rs 40.46 crore in FY21.
Half of the issue size has been reserved for qualified institutional investors (QIBs), 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.
SBI Capital Markets and DAM Capital Advisors are the book running lead managers to the issue.
