Vidya Wires Ltd. filed its draft papers with the Securities and Exchange Board of India to raise funds via an initial public offering.
The maiden issue consists of a fresh issue of shares aggregating Rs 320 crore, with an offer-for-sale segment of one crore shares, according to the draft red herring prospectus.
Promoters Shyamsundar Rathi and Shailesh Rathi will offload 50 lakh each during the IPO. Shares of the company will be listed on the National Stock Exchange and the BSE, post the public offering.
Pantomath Capital Advisors Pvt. and IDBI Capital Markets and Securities Ltd. are the lead book-runners of the issue, whereas Link Intime India Pvt. is the registrar for the issue.
Proceeds worth Rs 140 crore will be used for funding capital expenditure requirements for setting up new projects in their subsidiary, while Rs 100 crore will be utilised in debt repayment.
Vidya Wires is one of the largest manufacturers of winding and conductivity products for a range of critical industries and applications, it said in its DRHP.
The product portfolio includes precision-engineered wires, enameled copper rectangular strips, paper-insulated copper conductors, copper busbars and bare copper conductors among others.
The company is the fourth largest manufacturer in the industry, with a 5.9% market share of installed capacity in the industry in fiscal 2024 in India, the DRHP said citing a CareEdge report. "With plans to expand manufacturing capabilities and further diversify our product range, the company seeks to enhance its market position."
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