Bharat Wire Ropes IPO oversubscribed 21%

The Rs 70-crore IPO of Bharat Wire Ropes sailed through on the last day of the offer today as the issue was oversubscribed 1.21 times.

The initial public offering (IPO) received bids for 2,11,28,700 shares against the total issue size of 1,75,00,000 shares, as per NSE data till 1800 hrs.

The qualified institutional buyers (QIBs) portion was subscribed 1.01 times and that of non-institutional investors 2.02 times.

The portion set aside for retail investors was also oversubscribed 2.08 times.

The Maharashtra-based specialty wire ropes manufacturer fixed the price band at Rs 40-45 for the IPO.

As per draft papers, the company is aiming to raise Rs 70 crore through the issue.

The proceeds will be utilised for setting up a manufacturing plant at Chalisgaon in Maharashtra and for other general corporate purposes.

The issue is being managed by Intensive Fiscal Services and BOB Capital Markets. The equity shares of the company are proposed to be listed on BSE and NSE.

Since the beginning of 2016, four firms -- Quick Heal Technologies, TeamLease Services, Precision Camshafts and HealthCare Global Enterprises Limited -- have come out with their IPOs.

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