Excellent Wires and Packaging share price decline after listing at 5% discount

Excellent Wires and Packaging share price declined after witnessing weak listing on Thursday. Excellent Wires and Packaging shares were listed with a discount of 5.5% at ₹85 apiece on NSE SME as against its issue price of ₹90 per share.

Excellent Wires and Packaging stock price rose to a high of ₹89.25 apiece after a sluggish debut, but retreated from the high level and slumped to a low of ₹80.75 apiece, down over 10% from issue price.

Excellent Wires and Packaging IPO GMP today, or grey market premium today, ahead of the listing also signalled a muted debut of shares.

Excellent Wires and Packaging IPO Details

The initial public offering (IPO) of Excellent Wires and Packaging was open from September 11 to September 13. The IPO allotment was finalized on September 16, and the Excellent Wires and Packaging IPO listing date was today, September 19.

Excellent Wires and Packaging IPO was an SME IPO and a fixed price issue of ₹12.60 crore, comprising entirely a fresh issue of 14 lakh equity shares sold at a price band of ₹90 per share.

Inventure Merchant Banker Services Pvt Ltd is the book running lead manager of the Excellent Wires and Packaging IPO, while Bigshare Services Pvt Ltd is the IPO registrar.

Excellent Wires and Packaging IPO was subscribed 20.37 times in total at the end of the bidding period. The public issue received 32.00 times subscription in the retail category and 8.75 times in the Other category.

Excellent Wires and Packaging Ltd is a manufacturer of a wide range of wires and wire ropes under the brand name “Excellent”.

The company proposes to utilise the net issue proceeds towards funding the acquisition of land and construction of building, acquisition of plant and machineries, funding additional working capital requirements and general corporate purposes.

At 3:00 pm, Excellent Wires and Packaging shares were trading 4% lower at ₹81.60 apiece on NSE SME.

Read all IPO news here