Bansal Wire IPO fully booked on first day of bidding on strong retail, NII demand. Check GMP, subscription status, more.

Bansal Wire IPO subscription status: The retail portion of Bansal Wire Industries IPO, which opened for subscription today, has been completely subscribed within hours of its opening, indicating that the company is attracting a good deal of retail interest. Bansal Wire Industries IPO subscription status is 1.76 times, as per BSE data.

The initial share sale received bids for 3,78,34,038 shares against 2,14,60,906 shares on offer, as per BSE data.

The quota for retail investors has received 2.47 times subscription while non-institutional investors (NII) portion got subscribed 2.44 times. The category for Qualified Institutional Buyers (QIBs) is booked 1%.

Also Read: Bansal Wire Industries IPO opens today: Subscription status, GMP and other details. Should you apply or not?

Bansal Wire Industries IPO has reserved not more than 50% of the shares in the public issue for QIB, not less than 15% for NII, and not less than 35% of the offer is reserved for retail investors.

The issue, which is scheduled to close on Friday, July 5, has set its price band in the range of ₹243 to ₹256 per equity share of the face value of ₹5.

Bansal Wire Industries Ltd is a firm that produces steel wire. Bansal Wire Industries and its subsidiary Bansal Steel & Power Limited provide more than 3,000 stock keeping units (SKUs). About 2000 SKUs are available from the corporation, while 1,500 SKUs are available via its subsidiary. The company's products are divided into three primary categories: mild steel (low carbon steel wire), stainless steel wire, and high carbon steel wire. Furthermore, the company and its affiliates have more than 500 SKUs in common.

As per the Red Herring Prospectus (RHP), the company's listed peers are Rajratan Global Wire Ltd (with a P/E of 41.68), DP Wires Ltd (with a P/E of 18.94), and Bedmutha Industries Ltd (with a P/E of 37.52).

Also Read: Bansal Wire Industries IPO: Delhi-based firm garners ₹223 crore from anchor investors

Bansal Wire Industries IPO details

Bansal Wire IPO, which is worth ₹745 crore, comprises a fresh issue of 29,101,562 equity shares. There's no offer-for-sale (OFS) component.

The firm's memorandum of association outlines its core objectives, as well as incidental and ancillary goals that support them. These goals allow the company to: (i) carry out its current commercial operations; and (ii) carry out the projects that are suggested to be funded with the net proceeds.

The book running lead managers of the Bansal Wire IPO are SBI Capital Markets Limited and Dam Capital Advisors Ltd (formerly Idfc Securities Ltd), with Kfin Technologies Limited serving as the issue's registrar.

Also Read: Bansal Wire Industries IPO opens tomorrow: GMP, issue details, 10 key things to know before subscribing to the issue

Bansal Wire Industries IPO GMP today

Bansal Wire IPO GMP today is +66. This indicates Bansal Wire Industries share price were trading at a premium of ₹66 in the grey market, according to investorgain.com.

Bansal Wire Industries expected listing price was ₹322 per share, 25.78% more than the IPO price of ₹256, taking into account the top end of the IPO pricing band and the existing premium on the grey market.

Investor willingness to pay over the issue price is indicated by the “grey market premium.”

Also Read: Bansal Wire Industries IPO to open on July 3; sets price band at ₹243-256 per share

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