Vidya Wires files draft IPO papers to raise Rs 320 crore via fresh issue, plans to set up new unit

Gujarat-based winding and conductivity products maker Vidya Wires has filed preliminary papers with capital markets regulator SEBI to raise funds via initial public offering for capacity expansion and debt reduction.

The IPO is a mix of fresh issuance of equity shares worth Rs 320 crore, and an offer-for-sale of 1 crore shares by promoters.

The fourth largest manufacturer in the copper and aluminum wire industry with a 5.9 percent  market share of installed capacity makes several winding and conductivity products including precision-engineered wires, enameled copper rectangular strips, paper insulated copper conductors, copper busbar and bare copper conductors, specialised winding wires, PV ribbon and aluminum paper covered strips which are used for energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility, and railways.

Incorporated in 1981, Vidya Wires is planning to increase its capacity from 19,680 million tonnes (MT) per annum currently, to 37,680 MT per annum by installing additional 18,000 MT per annum in new manufacturing unit at Narsanda, Gujarat, under its subsidiary company ALCU Industries by spending Rs 140 crore out of fresh issue proceeds.