Bansal Wire shares jump nearly 37% in market debut

Shares of steel wire manufacturer Bansal Wire Industries Ltd on Wednesday ended with a premium of nearly 37 per cent against the issue price of Rs 256.

The stock listed at Rs 352.05, reflecting a jump of 37.51 per cent on the BSE. During the day, it zoomed 44 per cent to Rs 368.70. Shares of the company ended at Rs 350.30 apiece, up 36.83 per cent.

On the NSE, the stock started the trade at Rs 356, up 39 per cent. It ended with a jump of 36.77 per cent at Rs 350.15 per share.

The company's market valuation stood at Rs 5,484.15 crore.

In volume terms, 25.42 lakh shares of the company were traded on the BSE and 273 lakh shares on the NSE during the day.

The initial public offer of Bansal Wire Industries garnered 59.57 times subscriptions on the final day of bidding on Friday.

The Rs 745-crore initial share sale had a price band of Rs 243-256 per share.

The public issue was 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 speciality wires through its upcoming plant in Dadri, which will help it grow and expand its market presence in the upcoming fiscal.