India's Bansal Wire jumps 33% in debut trade

Bansal Wire Industries

10/07/2024 07:00

** Shares of Bansal Wire Industries  BANW.NS  surge 33% on
first day of trading
    ** Shares of BANW, which makes stainless steel wires, opened
at 356 rupees, a near 39% premium to IPO price, valuing the
company at 53.60 bln rupees ($642 mln)
    ** Co's IPO, which consisted of fresh shares worth 7.45 bln
rupees, was oversubscribed around 60x, per exchange data  
    ** "Bansal Wire's listing performance surpasses pre-listing
and signifies investor confidence in the company's potential,"
said Shivani Nyati, head of wealth at Swastika Investmart 
    ** BANW says it will use IPO proceeds for debt repayment,
other general purposes
    ** Emcure Pharmaceuticals  EMCU.NS  also jumps ~35% in debut
trade on Wednesday




($1 = 83.4890 Indian rupees)

 (Reporting by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))