New Delhi: Shares of Vidya Wires, a winding and conductivity products maker, on Wednesday made a modest debut on the stock exchanges, listing with marginal gains against its issue price of Rs 52.The stock listed at Rs 52.13, marginally up by 0.25 per cent from the issue price of Rs 52 on the BSE. During the day, the scrip climbed 12.46 per cent to hit a high of Rs 58.48. Later, it closed at Rs 53.14, up by 2.19 per cent.
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On the NSE, shares of the firm were listed at par with the issue price of Rs 52. In the intraday session, the stock jumped 12.40 per cent to Rs 58.45 apiece. Finally, it settled at Rs 52.80, up by 1.54 per cent.At the end of the market session, the company's market valuation stood at Rs 1,130.25 crore on the BSE.The Rs 300-crore Initial Public Offering (IPO) of Vidya Wires Ltd received 26.59 times subscription on the final day of share sale on Friday.
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The IPO has a price range of Rs 48-52 per share.The company's public offering has a fresh issue of shares worth Rs 274 crore, along with an Offer For Sale (OFS) of 50.01 lakh shares valued at Rs 26 crore.Proceeds from the fresh issue will be used by the company 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, specialised winding wires, PV ribbon and aluminium 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.
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