New Delhi, Dec 10 (PTI) Shares of Vidya Wires, an winding and conductivity products maker, made a flat market debut on Wednesday, but later jumped more than 12 per cent against the 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. However, later the stock bounced back and climbed 12.46 per cent to Rs 58.48.
On the NSE, shares of the firm listed at par with the issue price of Rs 52. Later, the scrip of Vidya Wires jumped 12.40 per cent to Rs 58.45.
The company's market valuation stood at Rs 1,205.11 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.
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, copper busbar and bare 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.