Bansal Wire Industries Files for ₹745 Crore IPO

Bansal Wire Industries Files for ₹745 Crore IPO

VoM News Desk | January 22, 2024 | 02:27 PM IST | Breaking News | Follow on Google News

Bansal Wire Industries Files for ₹745 Crore IPO/iStock

Bansal Wire Industries Files for ₹745 Crore IPO

Steel wire manufacturer Bansal Wire Industries has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), aiming to raise ₹745 crore through an Initial Public Offering (IPO). The proposed IPO consists entirely of a fresh issue of equity shares, with no Offer-For-Sale (OFS) component.

Key Details of the IPO:

• Type: Fresh issue of equity shares
• Reservation:
• 50% for qualified institutional buyers
• 35% for retail investors
• 15% for non-institutional investors
• Process: Book-building process

Utilization of Funds:

The funds raised from the IPO will be allocated towards:

• Debt repayment
• Meeting working capital requirements
• General business needs

Financial Snapshot:

• Revenue: ₹1,154 crore for the six months ending in September 2023
• Profit: ₹38.9 crore

Lead Managers:

DAM Capital and SBI Capital Markets have been appointed as the book-running lead managers for the IPO.

Bansal Wire Industries aims to strengthen its financial position and support various aspects of its business through the IPO proceeds.

VoM News Desk

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