Wheels India has launched a Qualified Institutional Placement (QIP) of up to Rs 250 crore, with the company setting a floor price of Rs 2,197.10 per share. The indicative issue price for the QIP has been fixed at Rs 2,088 per share, representing a discount of around 4.3% to the company's Thursday closing price. The issue is expected to dilute approximately 4.7% of Wheels India's pre-issue equity capital.
ICICI Securities is acting as the bookrunning manager for the issue. The floor price has been determined in accordance with the pricing formula prescribed under the Securities and Exchange Board of India's ICDR Regulations. The final issue price will be determined in consultation with the bookrunning lead manager.
Wheels India is a manufacturer of wheels for trucks, agricultural tractors and passenger vehicles. The company also makes wheels for construction equipment and manufactures air suspension systems for trucks and buses. Its product portfolio further includes industrial components used in the construction and windmill industries.
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The company has manufacturing facilities across Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand. Its operations span automotive and industrial components, with the company also having businesses in areas such as renewable energy, railways and fabricated products.
The QIP comes after shareholders approved the company's capital-raising plans through resolutions passed in August and September 2026. The issue opened on Sept. 24, with the final issue price to be determined subsequently.
Wheels India Share Price Today
Wheels India shares closed 2.66% lower at Rs 2,180.80 apiece on Thursday, below the QIP floor price of Rs 2,197.10. The stock has gained 2.42% over the past week and 39.36% over the past month. On a year-to-date basis, the shares have risen 151.6%, while they have gained 152.35% over the past year.
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