Photo: Bloomberg
Photo: Bloomberg

Bharat Wire Ropes IPO subscribed 40% on first day

The category for qualified institutional buyers was subscribed 38%, while non-institutional investors saw 72% subscription

New Delhi: The 70-crore initial public offering (IPO) of Bharat Wire Ropes Ltd was subscribed 40% on the first day of the issue on Friday.

The IPO received bids for 69,78,300 shares against the total issue size of 1,75,00,000 shares, data available with BSE Ltd till 1700 hours showed.

The category for qualified institutional buyers (QIBs) was subscribed 38% while non-institutional investors saw 72% subscription. The retail investor portion was subscribed 27%.

The Maharashtra-based specialty wire ropes manufacturer has fixed the price band at 40-45 for the IPO. The bidding for the shares will conclude on 22 March.

As per the draft papers, the company is aiming to raise 70 crore through the issue. The proceeds will be utilized for setting up a manufacturing plant at Chalisgaon in Maharashtra and for other general corporate purposes.

The issue is being managed by Intensive Fiscal Services and BOB Capital Markets. The equity shares of the company are proposed to be listed on BSE and NSE.

Since the beginning of 2016, three firms—Quick Heal Technologies, TeamLease Services and Precision Camshafts—have come out with IPOs.

Besides, the IPO of Healthcare Global Enterprises (HCG) is underway while that of Infibeam will open on March 21.

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