Bansal Wire ends 37% higher on listing day at ₹350.30

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Bansal Wire Industries on Wednesday entered the bourses on stellar note with a premium 37 per cent.

Shares of Bansal Wire opened at ₹352.05, higher 37.5 per cent over the IPO price of ₹256. The stock rose further to a high of ₹368.70 and hit a low of ₹335.85, before closing at ₹350.30, a premium of 36.84 per cent.

The IPO Bansal Wire, a 100 per cent fresh issue, 59.57 times.

Bansal Wire Industries which raised ₹745 crore through the initial public offeringcame out with a price band of ₹243-256. It raised ₹223.50 crore from anchor investors.

Proceeds of the IPO will be used for the payment of debt, to support the working capital requirements of the company, and for general corporate purposes.

Bansal Wire Industries is a manufacturer and exporter of steel wires. It operates in three broad segments — high-carbon steel wire, mild steel wire (low-carbon steel wire), and stainless steel wire — producing a diverse range of over 3,000 wire products in various sizes. The company employs a flexible pricing strategy to manage fluctuations in material costs.

Meanwhile, according to NSE bulk deal data, Kotak Mutual Fund bought 24.62 lakh shares of newly listed company at ₹350.15 a share.