Bansal Wire Industries IPO: Issue subscribed 5.73 times on day 2; check subscription status, GMP and other details

The Bansal Wire Industries initial public offerings (IPO) opened for subscription on July 3. The issue has so far been subscribed over 5.73 times on the second day of bidding.

The retail portion, which was booked 6.19 times, received overwhelming response from the investors on July 4. Meanwhile, non-institutional investors (NII) and QIB categories were booked 12.16 times and 0.09 times.

On the second day, the Bansal Wire Industries IPO received 12,28,88,254 applications against offered 2,14,60,906 shares.

In the Bansal Wire Industries IPO, up to 50% of the shares in the public issue are reserved for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and a minimum of 35% of the offer is reserved for retail investors.

Bansal Wire Industries IPO details

Bansal Wire IPO, valued at ₹745 crore, consists solely of a fresh issue of 29,101,562 equity shares, without any offer-for-sale (OFS) component.

The company has set the price band of ₹243 to ₹256 per equity share of the face value of ₹5.

The firm's memorandum of association delineates its primary objectives and supplementary goals that support them. These objectives enable the company to: (i) conduct its current commercial operations; and (ii) pursue projects proposed to be funded with the net proceeds.

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

Bansal Wire Industries IPO GMP today

Bansal Wire IPO's Grey Market Premium (GMP) stands at +58, indicating that Bansal Wire Industries shares are trading at a premium of ₹58 in the grey market, as reported by investorgain.com.

The expected listing price for Bansal Wire Industries is ₹314 per share, which represents a 22.66% increase over the IPO price of ₹256. This calculation considers the upper end of the IPO pricing band and the current premium in the grey market.

The "grey market premium" reflects investor readiness to pay above the issue price.