Vidya Wires Shares List Flat On Dalal Street

Metal wires manufacturer Vidya Wires Ltd.'s shares listed flat on the National Stock Exchange at Rs 52 per share against IPO price of Rs 52. On BSE the price settled at Rs 52.4.

The Rs 300-crore mainboard IPO closed with a strong subscription on Dec. 5.  

The IPO, which opened for subscription on Dec. 3, was subscribed 26.59 times during the three-day bidding period. The Qualified Institutional Buyers (QIBs) booked their category 5.12 times, while the retail quota was subscribed 27.86 times. The Non-Institutional Investors’ (NIIs) category was booked nearly 52 times.

The Vidya Wires IPO is a book-building issue worth Rs 300.01 crore. The IPO was a combination of a fresh issue of 5.27 crore equity shares, amounting to Rs 274 crore, and an Offer-For-Sale (OFS) portion of 50 lakh shares, worth Rs 26.01 crore. The IPO price band was fixed at Rs 48 to Rs 52 per share.

The company plans to utilise net proceeds towards funding capital expenditure requirements for setting up new projects in subsidiary ALCU, payment of debt, and for general corporate purposes.

Vidya Wires is one of the largest manufacturers of winding and conductivity products for a range of critical industries and applications.

The product portfolio includes precision-engineered enameled wires, enameled copper rectangular strips, paper-insulated copper conductors, copper busbar and bare copper conductors, specialised winding wires, PV ribbon and aluminium paper-covered strips, among others.

The products are used in varied critical applications such as energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways.