MUMBAI, April 1, 2016:Bharat Wire Ropes Ltd. (“BWR”), which is engaged in the business of manufacturing wires and wire ropes since 1982, debuts on the stock exchanges on April 1, 2016. The maiden initial public offering (“IPO”) of the company opened for subscription on March 18, 2016 and closed on March 22, 2016 with a price band of Rs. 40 – Rs. 45 per equity share of face value of Rs. 10 each.
The equity shares are listed on both BSE and NSE. The IPO, which opened for subscription from March 18-22, 2016, was subscribed 1.34 times. The issue price for the issue was fixed at Rs.45 per equity share and raised Rs.70Crore from the IPO.The Qualified investor Buyers (QIBs) category was subscribed 1.13 times. In contrast, the portion set aside for retail investors and non-institutional investors category was subscribed by 2.23 times and 2.23 times respectively.
The equity shares of BWR opened at Rs. 47.50 on the BSE and Rs. 47.25 on the NSE. The equity shares closed the trading session at Rs 45.40 on the BSE and Rs 45.70 on the NSE.
The Company proposes to utilize the net proceeds to set up a proposed project of 66,000 MTPA wire ropes at Chalisgaon, in the Jalgaon district of Maharashtra.
Intensive Fiscal Services Private Limited and BOB Capital Markets Limited are the Book Running Lead Managers while Karvy Computershare Private Limited is the registrar of the Offer.
About –Bharat Wire Ropes Limited (“BWR”):
Bharat Wire Ropes is engaged in the business of manufacturing wire and wire ropes since 1986. The products manufactured by the company find its application in several fields which includes general enineering, fishing, elevators,cranes, material handling, power transmission, suspension bridges, onshore / offshore oil exploration, ports and shipping, mining, defence, railways, to name a few. The company is also engaged in the business of trading of the steel related products. The existing facility at Atgaon, has an installed capacity of 12,000 MTPA wire ropes manufacturing. BWR also have a Pyrolysis plant with an installed capacity of 1,260 MTPA at Chalisgaon, Maharashtra for production of oil,which is used as fuel in their current manufacturing process.