Bharat Wire Ropes IPO to open tomorrow; aims to raise Rs 70 crore

New Delhi: Bharat Wire Ropes will hit the capital markets tomorrow with its Rs 70 crore initial public offering (IPO).

The Maharashtra-based specialty wire ropes manufacturer has fixed the price band at Rs 40-45 for the IPO.

The bidding for the shares would conclude on March 22.

As per draft papers, the company is aiming to raise Rs 70 crore through the issue. The offer would include reservation of equity shares worth Rs 3.5 crore for subscription by eligible employees.

Proceeds of the issue would be utilised for setting up a manufacturing plant at Chalisgaon in Maharashtra and for other general corporate purposes.

The issue is being managed by Intensive Fiscal Services and BOB Capital Markets. The equity shares of the company are proposed to be listed on BSE and NSE.

Since the beginning of 2016, three firms - Quick Heal Technologies, TeamLease Services and Precision Camshafts - have hit the Dalal Street.

Besides, the public offer of Healthcare Global Enterprises (HCG) is currently underway, while that of Infibeam will open on March 21.