Shares of Bharat Wire Ropes made a positive debut on the bourses today, rising by over 5 per cent, against the issue price of Rs 45.
The stock listed at Rs 47.35, a gain of 5.22 per cent, over the issue price on BSE. Later, it touched a high of Rs 47.50, registering a gain of 5.55 per cent.
At NSE, shares of the company debuted at Rs 47.25, up 5 per cent.
On the volume front, 11.15 lakh shares of the company were traded at BSE and over 30 lakh shares changed hands at NSE during the morning trade.
The Rs 70-crore IPO of Bharat Wire Ropes was oversubscribed 1.21 times.
The Maharashtra-based specialty wire ropes manufacturer had fixed the price band at Rs 40-45 for the IPO which was open for subscription from March 18-22, 2016.
The company has fixed the issue price at Rs 45.
The IPO was managed by Intensive Fiscal Services and BOB Capital Markets.
Bharat Wire is the fifth company after HealthCare Global Enterprises, Quick Heal Technologies, TeamLease Services and Precision Camshafts to come out with an IPO this year.
