Mumbai’s Bansal Wire Industries has secured over ₹223 crore from anchor investors just before its initial public offering (IPO), which starts on July 3. According to a recent filing, the company has sold 87,30,468 shares to anchor investors at a price of ₹256 each.
Anchor Investment Details
The Board of Directors decided on the allocation in a meeting on July 2, 2024, after consulting with SIBI Capital Markets and DAM Capital Advisors, the lead managers for the IPO. Among the prominent investors are SBI Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Mutual Fund, and HSBC Mutual Fund. These funds participated in a special anchor book launch held on Tuesday.
Domestic mutual funds received the largest share of the allocation, with 54,49,176 shares going to nine different funds through twelve schemes.
IPO Details
Bansal Wire Industries’ IPO opens for public subscription from July 3 to July 5, 2024. The shares are priced between ₹243 and ₹256 each. This IPO aims to raise ₹745 crore through the issue of 29,101,562 new shares, with no existing shares being sold.
The IPO has different quotas for various investors: 15% for non-institutional investors, 50% for qualified institutional buyers, and 35% for retail investors. SBI Capital Markets and DAM Capital Advisors are managing the IPO, with Kfin Technologies handling the registration.
Grey Market Premium
As of now, Bansal Wire Industries’ shares have a grey market premium (GMP) of ₹66, meaning they are trading at a ₹66 higher price in unofficial markets .
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