Excellent Wires and Packaging IPO Sees Strong Start: SME Issue Subscribed 1.27 Times on Day 1 – Key Dates, Price Band, and Subscription Details Inside
Excellent Wires and Packaging’s IPO opened for subscription on September 11 and saw strong demand on the first day, being subscribed 1.27 times. This IPO is part of the small and medium enterprise (SME) segment.
About Excellent Wires and Packaging
Founded in March 2021, Excellent Wires and Packaging makes a wide range of wires and wire ropes under the “Excellent” brand. Their products include Spring Steel Wire, High Carbon Wire, and Galvanised Wire (GI Wire), among others.
For the year ending March 2024, the company reported total revenues of ₹15.4 crore and a net profit of ₹82 lakh.
IPO Subscription Status
On the first day of bidding, the IPO was subscribed 1.27 times, with 16,92,800 applications received for the 13,28,000 shares on offer. The retail portion was subscribed 2.25 times, while other categories were subscribed 0.30 times.
Key IPO Details
- Subscription Dates: The IPO opened on September 11 and will close on September 13.
- IPO Size: The company aims to raise ₹12.60 crore through the issue of 14 lakh shares.
- Price: Shares are priced at ₹90 each, with a face value of ₹10 per share.
Use of Funds
The money raised from this IPO will be used for acquiring land, building construction, buying machinery, working capital needs, general corporate purposes, and covering offer-related expenses.
The allotment of shares is expected to be completed by September 16, 2024, and the shares will likely be listed on the NSE SME on September 19, 2024.
Inventure Merchant Banker is the lead manager, and Bigshare Services is handling the registrar duties for the issue.
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