- Vidya Wires IPO was oversubscribed 1.08 times on the first day of bidding
- The Rs 300 crore IPO will remain open for subscription until December 5
- Price band fixed between Rs 48 and Rs 52 per share for the IPO
Metal wires manufacturer Vidya Wires Ltd.'s initial public offering was over subscribed on Wednesday on first day of bidding. The IPO was subscribed 2.89 times as of 7:00 p.m. on Wednesday. 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.
Vidya Wires IPO Subscription Status
The Vidya Wires IPO was subscribed 2.89 times as of 7:00 p.m. on Wednesday.
Qualified institutional buyers (QIB): 0.47 times
Non-Institutional investors (NII): 3.42 times
Retail investors: 4.02 times
Vidya Wires GMP
According to InvestorGain, the GMP of Vidya Wires stood at Rs 6 as of 6:30 p.m. It indicates a listing price of Rs 58 apiece at a premium of 11.54% on the upper limit of the price band.
Note: GMP does not represent official data and is based on speculation.
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