Bansal Wire had an amazing start,

selling for 39% more than the issue price.

10/7/2024,

is Indian stock market open today  – The stock was listed on the National Stock Exchange (NSE) on Wednesday for Rs 356 per share, which represents a 39% increase over the Rs 256 issue price.

Bansal Wire Industries’ shares were successfully listed on the National Stock Exchange (NSE) on Wednesday, marking the company’s first public offering. The share price that was listed for the shares was Rs 356 per share, which is 39% greater than the Rs 256 issue price.

The Iron & Steel Products Company’s stock began trading on the BSE at Rs 352.05, which is 38% more than its issue price.

Bansal Wire was up 33% against its issue price at 10:16 AM, trading at Rs 341.40. On the NSE, the stock experienced intraday trading at a high of Rs 372 and a low of Rs 336. In the first sixteen minutes of trading on the NSE and BSE, up to 18.6 million shares were exchanged hands over the counter.

Bansal Wire’s initial public offering (IPO) received positive feedback, being oversubscribed 62.76 times over. Non-institutional investors (NIIs) subscribed to the quota 54.21 times, while retail individual investors (RIIs) subscribed to the portion 14.37 times. The subscription amount for the qualified institutional buyers (QIB) category was 153.86 times.

The money will be utilised for general business objectives, debt repayment, and meeting the company’s working capital needs.

Bansal Wire is a producer of steel wire products that serves more than 5,000 different customers through its three business categories.

This rise was primarily attributed to an increase in infrastructure-building operations nationwide and expanding production in the automotive sector.

Demand is predicted to increase at a rate of 8–10% CAGR between FY2023 and 2028, reaching 8–9 million metric tonnes. This growth is attributed to increased funding allocations by the federal and state governments for the construction of infrastructure and the growth of the automotive sector.

The Indian steel wire industry is positioned to benefit from the move in global production from China-based to China plus one strategy, which will open up new markets for Indian producers, according to Capital Market’s IPO note.

Furthermore, according to the brokerage company Swastika Investment, the steel wire business is extremely competitive and fragmented, creating difficulties for market share increase.

Bansal Wire had an outstanding launch on the stock exchanges, exceeding pre-listing predictions. Even the pre-listing hype pales in comparison to this outstanding performance.

Significant investor confidence in Bansal Wire’s established position, range of offers, and steady financial success is demonstrated by the company’s subscriber counts. Nevertheless, the market in which it operates is highly fragmented.

All things considered, investor trust in Bansal Wire’s future has been demonstrated by the listing performance, which has outperformed expectations set ahead of the listing. The highlighted risks still require careful consideration, says Swastika Investmart’s Head of Wealth, Shivani Nyati.

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