IPO subscribed 22%
The initial public offer (IPO) of Bharat Wire Ropes received bids for 38.62 lakh shares compared with 1.75 crore shares on offer. The IPO was subscribed 22% on the first day of the issue, data on NSE website updated until 17:31 IST showed. The price band for the IPO has been set at Rs 40-45 per share. The IPO closes on 22 March 2016.
The company intends to use the proceeds of the IPO to set up a Rs 507 crore project to produce 66,000 tonnes per annum (tpa) of steel wire ropes at the MIDC zone at Chalisgaon, district Jalgaon, Maharashtra. The company's existing wire ropes manufacturing facility has an installed capacity of 12,000 tpa at Atgaon in Maharashtra. It also has a pyrolysis plant with an installed capacity of 1,260 tpa at Chalisgaon for production of oil used as fuel in the current manufacturing process.
The company reported a net profit of Rs 1.08 crore on revenue from operations of Rs 43.74 crore for eight months ended November 2015. The company reported net profit of Rs 1.97 crore on revenue from operations of Rs 76.72 crore for the year ended 31 March 2015.
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