Bharat Wire Ropes IPO subscribed 59% on Day 2

The Rs 70-crore IPO of Bharat Wire Ropes was subscribed 59% on the second of the issue on Monday.

The initial public offering (IPO) received bids for 1,04,09,100 shares against the total issue size of 1,75,00,000 shares, data available with the NSE till 1700 hours showed. The category for qualified institutional buyers (QIBs) was subscribed 52% while that of non-institutional investors was fully subscribed.

Besides, retail investor pie received 80% subscription, sources said. 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 tomorrow. 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, four firms -- Quick Heal Technologies, TeamLease Services, Precision Camshafts and HealthCare Global Enterprises Limited -- have come out with their IPOs.