Vidya Wires, a leading manufacturer of winding and conductivity solutions, has made its debut on the Indian stock market. The company's share price was listed at ₹52 apiece on NSE and ₹52.13 on BSE, which is a flat start considering its issue price.
The Vidya Wires IPO had a grey market premium (GMP) of ₹4 per share, indicating a possible listing price of around ₹56. However, the actual listing price was lower than expected, resulting in an underwhelming performance.
The ₹300.01 crore IPO consisted of a fresh issue of 5.27 crore shares worth ₹274.00 crore and an offer for sale of 0.50 crore shares valued at ₹26.01 crore. The price band was fixed at ₹48-52 per share, with a lot size of 200 shares.
The company plans to use the proceeds to fund capital expenditure for new projects in its subsidiary ALCU, repay outstanding borrowings, and meet general corporate purposes.
The IPO received an impressive overall subscription of 28.53x on Day 3, with the retail portion subscribed 29.98x, the NII category attracting 55.94x bids, and the QIB quota booked 5.45x. The company also raised ₹90 crore from anchor investors ahead of the IPO opening, with participation from prominent investors like Bandhan MF, Bank of India MF, and LIC MF.
Vidya Wires is one of India's largest manufacturers of winding and conductivity solutions, supplying critical components for industrial applications. Its product offerings include enamelled wires, specialized winding wires, copper busbars, and more. The company's key listed peers include Precision Wires India, Ram Ratna Wires, and Apar Industries.
The IPO was managed by Pantomath Capital Advisors Pvt. Ltd. as the book-running lead manager, and MUFG Intime India Pvt. Ltd. as the registrar for the issue.
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