The Bansal Wire Industries IPO received an overwhelming response, with bids totaling 127.85 crore shares against the 2.14 crore shares on offer, achieving a subscription rate of 59.57 times. The Bansal Wire IPO allotment status is set to be finalised today.

If you applied for the IPO, here is how you can check the Bansal Wire IPO allotment status.

Checking Allotment Status on Registrar's Website:

Follow these steps to check the Bansal Wire IPO allotment status

1. Visit the registrar's website.
2. Click on "Company Selection" and choose "Bansal Wire" from the dropdown menu.
3. Then you can enter your PAN, application number, or Demat.
4. Click Submit to retrieve the Bansal Wire IPO allotment status

Checking IPO Allotment Status on BSE:

1. Go to the BSE website.
2. Click on the ‘Equity' section and select "Bansal Wire" from the dropdown menu.
3. Enter your application number or PAN.
4. Click on the ‘Search' button.
5. The result will show the number of shares allotted to you.

If all the details are entered correctly and the allotment has been finalised, the Bansal Wire IPO allotment status will be visible.

See Also: How To Check Emcure IPO Allotment Status

Bansal Wire IPO Subscription Status

The Qualified Institutional Buyers (QIBs) category was subscribed 146.05 times, the Non-Institutional Investors (NIIs) category was subscribed 51.46 times, and the Retail Individual Investors (RIIs) category was subscribed 13.64 times.

Bansal Wire IPO GMP

The Bansal Wire IPO GMP is currently reported at ₹76. With the IPO's price band set at ₹256, the expected listing price is ₹332, indicating a potential gain of approximately 30% on the listing. However, it's important to note that GMPs are just an indicator and should not be the sole factor behind the company's performance upon listing.

Bansal Wire IPO Details

The IPO opened for bidding on July 3, 2024, and closed on July 5, 2024, with a price band set between ₹243 to ₹256 per share. The offer consisted solely of a fresh issue of equity shares, aggregating up to ₹745 crore. The net proceeds from this fresh issue will be utilized for several purposes, including the repayment or prepayment of certain outstanding borrowings amounting to ₹452.68 crore, investment in a subsidiary for repayment or prepayment of borrowings amounting to ₹93.70 crore, funding working capital requirements amounting to ₹60 crore, and the balance towards general corporate purposes.

As of May 31, 2024, the total outstanding borrowings stood at ₹676.28 crore, with the subsidiary's borrowings totalling ₹103.92 crore. Prior to the IPO launch, Bansal Wire Industries raised ₹223.49 crore from anchor investors on July 2, 2024, by allotting 87.30 lakh shares at ₹256 each to 18 anchor investors.

About Bansal Wire

Bansal Wire Industries, established 38 years ago, is the largest stainless-steel wire manufacturer and the second-largest steel wire manufacturer by volume in India. The company caters to various sectors with a diversified portfolio that includes high-carbon steel wire, mild steel wire (low-carbon steel wire), and stainless steel wire. They are also expanding into the speciality wires segment, with manufacturing at Dadri. For the twelve months ending on March 31, 2024, the firm reported a net profit of Rs 78.80 crore and a total income of Rs 2,466.03 crore.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.