Vidya Wires IPO Day One — Check Subscription, GMP, Other Details

Metal wires manufacturer Vidya Wires Ltd.'s initial public offering was over subscribed on Wednesday on first day of bidding. As of 11:47 a.m the IPO was subscribed 1.08 times. The Rs 300-crore mainboard issue will remain open for subscription until Friday, December 5.  

The Vidya Wires IPO is a book-building issue worth Rs 300.01 crore. The mainboard issue comprises a fresh issue of 5.27 crore shares, amounting to Rs 274 crore and an offer-for-sale (OFS) of 50 lakh shares, aggregating to Rs 26.01 crore.

The company has fixed the IPO price band at Rs 48 to Rs 52 per share. Retail investors need to apply for at least one lot of 14,976 per application, based on the upper band of the issue price. The small Non-Institutional Investors (NIIs) can apply for a minimum of 14 lots, aggregating to an investment of Rs 2,09,664. On the other hand, big NIIs are required to apply for 67 shares, worth Rs 10,03,392.

MUFG Intime India Pvt. is the issue registrar, while Pantomath Capital Advisors Pvt. is the book running lead manager.

The company is expected to finalise the share allotment status on Monday, December 8. Refunds and transfer of shares to the Demat accounts will be initiated on December 9.

The IPO listing date has been tentatively fixed as December 10. Shares of Vidya Wires Ltd. will be listed on the NSE and BSE.

Vidya Wires has proposed allocating Rs 140 crore from the IPO funds towards capital expenditure for setting up a new project under its subsidiary. The remaining IPO proceeds will be used for debt repayment and general corporate purposes.