Bharat Wire Ropes IPO subscribed 40 pc on Day 1

The Rs 70-crore IPO of Bharat Wire Ropes was subscribed 40 per cent on the first day of the issue today.
The initial public offering (IPO) received bids for 69,78,300 shares against the total issue size of 1,75,00,000 shares, data available with the BSE till 1700 hours showed.
The category for qualified institutional buyers (QIBs) was subscribed 38 per cent while non-institutional investors saw 72 per cent subscription.
The retail investor portion was subscribed 27 per cent.
The Maharashtra-based specialty wire ropes manufacturer has fixed the price band at Rs 40-45 for the IPO.
The bidding for the shares will conclude on March 22.

As per draft papers, the company is aiming to raise Rs 70 crore through the issue.

The proceeds will be utilised for setting up a manufacturing plant at Chalisgaon in Maharashtra and for other general corporate purposes.
The issue is being managed by Intensive Fiscal Services and BOB Capital Markets. The equity shares of the company are proposed to be listed on BSE and NSE.
Since the beginning of 2016, three firms -- Quick Heal Technologies, TeamLease Services and Precision Camshafts -- have come out with their IPOs.
Besides, the public offer of Healthcare Global Enterprises (HCG) is under way while that of Infibeam will open on March 21.