Vidya Wires Limited, a leading manufacturer of winding and conductivity products, is set to make its debut on the stock market. The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an Initial Public Offering (IPO).
IPO Details
The IPO consists of:
- Fresh Issue: Equity shares aggregating up to Rs 320 crore.
- Offer for Sale (OFS): Up to 10,000,000 equity shares with a face value of Re 1 each.
The equity shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The proceeds from the OFS will go to the promoter selling shareholders after deducting related expenses and taxes. The company will not benefit from the OFS proceeds.
Utilization of Funds
Vidya Wires plans to use the proceeds from the fresh issue for:
- Funding capital expenditure requirements for setting up a new project in its subsidiary, ALCU.
- Repayment/prepayment of outstanding borrowings.
- General corporate purposes.
Key Players in the IPO
- Book Running Lead Managers: Pantomath Capital Advisors and IDBI Capital Markets & Securities Limited.
- Registrar to the Offer: MUFG Intime India (formerly Link Intime India).
About Vidya Wires
Vidya Wires is a prominent player in the manufacturing of winding and conductivity products, which cater to various industrial applications. The company’s proposed expansion and capital investments are expected to strengthen its position in the industry.
The IPO marks an important step in Vidya Wires’ growth strategy, as the funds raised will be deployed towards expanding its capabilities and reducing debt.
