Vidya Wires' Rs 300-crore initial public offer (IPO) got fully subscribed within two hours of opening for the public susbcription in the primary market. A day earlier, the winding and conductivity products maker collected Rs 90 crore from anchor investors.
The IPO received bids for 12.5 crore shares against 4.33 crore shares on offer, reflecting an overall subscription of 2.89 times. The portion reserved for non-institutional investors was subscribed 3.42 times, while the retail individual investors (RII) category saw a subscription of 4 times.
The IPO will be available for public subscription during December 3-5 in the price range of Rs 48-52 per share.
Vidya Wires IPO GMP Today Price
According to platforms tracking the grey market activities, the shares of Vidya Wires are commanding a GMP of about 12 percent in the unregulated market. Investorgain quoted a GMP of Rs 6 for the shares of the company, indicating a listing gain of 11.54 percent. IPO Watch also quoted a GMP of 12 percent.
The company proposes to utilise the net proceeds towards funding capital expenditure requirements for setting up new projects in subsidiary ALCU, payment of debt, and for general corporate purposes.
Vidya Wires is one of the largest manufacturers of winding and conductivity products for a range of critical industries and applications.
The product portfolio includes precision-engineered Enameled 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, among others.
The products are used in varied critical applications such as energy generation & transmission, electrical systems, electric motors, clean energy systems, electric mobility and railways. Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Vidya Wires shares are expected to be allotted on December 8, while the shares will be listed on the BSE and NSE on December 10.
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