Excellent Wires and Packaging IPO: SME issue subscribed 3.45 times on day 2; check subscription status, key details

The initial public offerings (IPO) of Excellent Wires and Packaging opened for subscription on September 12. The small and medium enterprise (SME) IPO was subscribed over 3.45 times on the second day of bidding.

Established in March 2021, Excellent Wires and Packaging Limited produces a diverse range of wires and wire ropes under the "Excellent" brand. Their offerings include Spring Steel Wire, High Carbon Wire, Galvanised Wire (GI Wire), and other types for various applications.

For the fiscal year ending in March 2024, the company reported total revenues of ₹15.4 crore and a net profit of ₹82 lakh.

Excellent Wires and Packaging IPO subscription status

The SME IPO was subscribed 3.45 times on the second day of bidding, September 12. The IPO received 45,80,800 applications against offered 1,328,000 shares on Thursday.

On the second day of subscription, retail category was subscribed 61.2 times. Meanwhile, other categories were subscribed 0.78 times.

Excellent Wires and Packaging IPO details

The Excellent Wires and Packaging IPO opens for subscription on September 11 and will close on September 13. This IPO is a fixed-price offering, amounting to ₹12.60 crore, consisting entirely of a fresh issue of 14 lakh shares.

The IPO price for Excellent Wires and Packaging is set at ₹90 per share, with a face value of ₹10 per share.

The net proceeds from the public offering will be allocated towards land acquisition and building construction, purchasing plant and machinery, meeting working capital needs, general corporate purposes, and covering offer-related expenses.

The allotment for the Excellent Wires and Packaging IPO is anticipated to be finalized on Monday, September 16, 2024. The IPO is set to be listed on the NSE SME, with a tentative listing date scheduled for Thursday, September 19, 2024.

Inventure Merchant Banker is serving as the lead manager for the issue, while Bigshare Services is the registrar.