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Bansal Wire Industries Ltd IPO
Status:
Overview
IPO date
03 Jul 2024 to 05 Jul 2024
Face value
₹ 5 per share
Price
₹ 243 to ₹256 per share
Issue Size
29,101,563 shares
(aggregating up to ₹ 745 Cr)
(aggregating up to ₹ 745 Cr)
Allotment Date
08 Jul 2024
Listing at
NSE
Issue type
Book Building
Sector
Objectives of Bansal Wire Industries Ltd IPO
Initial public offering of 29,101,562 equity shares of face value of Rs. 5 each ("Equity Shares") of Bansal Wire Industries Limited (the "Company" or the "Issuer") for cash at a price of Rs. 256 per equity share of face value of Rs. 5 each (including a share premium of Rs. 251 per equity share) ("Issue Price") aggregating to Rs. 745.00 crores (the "Issue"). The issue constituted 18.59% of the post-issue paid-up equity share capital of the company.
The face value of the equity share is Rs. 5 each. the issue price is 51.20 times the face value of the equity shares.
Bansal Wire Industries Ltd IPO Strategy
- Expansion of its customer base in north India and increase penetration in other geographies.
- Focus on increasing its exports sales and growing sectors like automotive and infrastructure.
- Entering into B2C segment steel products and establishing retail distribution network.
- Increase in margin profile by focusing on high margin products and adding speciality wire segment.
- Technological advancement of manufacturing facilities.
About Bansal Wire Industries Ltd
Bansal Wire Industries Ltd. was originally incorporated as a Private Limited Company under the name of 'Bansal Wire Industries Private Limited' on December 11, 1985, issued by the RoC. Thereafter, the Company was converted into a Public Limited Company and the name was changed to 'Bansal Wire Industries Limited', and a fresh Certificate of incorporation upon conversion from a Private Limited to Public Limited was issued by the RoC on November 13, 1995.
Bansal Wire Industries are the largest stainless steel wire manufacturing company and the second largest steel wire manufacturing
company in India. The Company manufactures high and low carbon steel wires/ galvanized wire / cable armoring wires and strips / stainless steel wires / profile, shaped wires, speciality wires and so on which have multiple application.
Bansal Group started its business by wire trading business since 1938 and diversified into the manufacturing in 1985. In 1991, the Company started production of cable wire, started production of stainless-steel wires during 1995; started production of galvanized wire during 2003, further embarked the journey by starting production of high carbon wires during 2007.
Later on, the Company launched d new products such as Spring Wires & Auto Cables of automotive industry during 2015 and was made the largest producer of stainless-steel wire products during the year 2018. The Company thereafter, acquired 26% of the shareholding of Bansal Steel & Power Limited (BSPL), and further was allotted 18,842,733 Equity Shares, and as a result, BSPL became a Subsidiary of Company effective from December 7, 2023.
As of 31 March, 2023, the Company had a production of 72,176 MTPA and 206,466 MTPA, respectively.
The Company propose Initial Public Offering by raising capital of Rs 745 Crore Fresh Issue Equity Shares.
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Strengths vs Risks of Bansal Wire Industries Ltd
Know the pros & cons
Strengths
Steel wire manufacturers with revenue of Rs. 24,447.19 million in Fiscal 2024 with established market position and strong brand equity.- More than 5,000 customer base with presence across various sectors.
- Economies of scale.
- Product Portfolio with over 3,000 stock keeping units across the steel wire industry with good mix of high volume and better margin products.
- Business model with stable and consistent margin profile.
- Promoters and management with industry expertise of over 38 years.
Risks
- The company relies substantially on its top 10 suppliers of the raw materials and work-in- progress goods used in its manufacturing processes. Any shortages, delay or disruption in the supply of the raw materials the company use in its manufacturing process may have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Any disruption, breakdown or shutdown of its manufacturing facilities may have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Its manufacturing facilities, and the company registered office are located on leasehold lands and rental basis. If the company is unable to renew existing leases or relocate its operations on commercially reasonable terms, there may be a material adverse effect on its business, financial condition and operations.
- The costs of the raw materials that the company use in its manufacturing process are subject to volatility. Increases or fluctuations in raw material prices, may have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Its inability to maintain the company distribution network in India and attract additional dealers may have a material adverse effect on its results of operations and financial condition.
- The company is highly dependent on its skilled personnel for its day-to-day operations. The loss of or the company inability to attract or retain such persons have a material adverse effect on its business performance.
- The company has entered into and will continue to enter into related-party transactions which may potentially have conflict of interest with such related parties.
- The company has substantial working capital requirements and may require additional financing to meet those requirements, which could have a material adverse effect on its results of operations, cash flows and financial condition.
- Objects of the Issue for which the funds are being raised have not been appraised by any bank or
financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior
Shareholders' approval.
- While the company has identified three listed peers in India, however, it may be difficult to benchmark and evaluate its finan ial performance against the said listed peer.
- The company has had low EBITDA and PAT margins in the last three Fiscals.
- The company is dependent on the performance of the steel wires market. Any adverse changes in the conditions affecting the steel wires market can adversely impact its business, financial condition, results of operations, cash flows and prospects.
- The company has had negative cash flows in prior periods and may continue to have negative cash flows in the future.
- There was an increase in net worth, revenue from operation and net profit in Fiscals 2024, 2023 and
2022. The company cannot assure similar fluctuation in the future. There was an increase in net worth, revenue from operation and net profit in Fiscals 2024, 2023 and 2022. The company cannot assure similar fluctuation in the future.
- If the company is unable to maintain and enhance its brands, including its ability to protect the company brand through intellectual property, the sales of its products will suffer, which would have a material adverse effect on its results of operations.
- The company has a pan India presence across all regions of India with its primary markets being concentrated in north India. The company plan to expand into new geographical regions and may be exposed to significant liability and could lose some or all of its investment in such regions, as a result of which the company's business, financial condition and results of operations could be adversely affected.
- Its distribution to the overseas market is dependent on a few representatives and significant changes to its business arrangements with these representatives may impact the company's results of operations, cash flows and financial condition.
- All its current manufacturing facilities are geographically located in one region, i.e., North India at National Capital Region, India, due to which the company charge certain additional amount from its customers of other regions for supplying its steel wire products. The company inability to retain the customers from other regions due to price competency, any local social unrest, natural disaster or break down of services and utilities in that area may have a material adverse effect on its results of operations and financial condition.
- There are certain proceedings involving the Company, its Promoters, the company Directors, its Subsidiary and its Group Companies which if determined against it, may have an adverse effect on its business, cash flows and results of operations.
- The company is subject to various laws and extensive government regulations and if the company fails to comply, obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required in the ordinary course of its business, including environmental, health and safety laws and other regulations, which could subject the Company to enforcement actions and penalties and its business financial condition, results of operations and cash flows may be adversely affected. Further, changing laws, rules and regulations and legal uncertainties, including the withdrawal of certain benefits or adverse application of tax laws, may adversely affect its business, prospects, results of operations and
cash flows.
- The company is subject to strict quality requirements and any product defect issues or failure by it or the company raw material suppliers or its customers to comply with quality standards may lead to the cancellation of existing and future orders, recalls or exposure to potential product liability claims.
- The company regularly work with hazardous materials and activities in its operation which can be dangerous and could cause injuries to people or property.
- There are factual inaccuracies in certain of its corporate records and corporate filings. Further, the Company has, in the past made delayed filings with the RoC Additionally, certain of its historical corporate and secretarial records are not traceable. The company cannot assure you that regulatory proceedings or actions will not be initiated against us in the future which may impact its financial condition and reputation and its will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- The availability of counterfeit products, such as products passed off as its products by others, and
any failures to protect or enforce its rights to own or use trademarks and brand name and identity
could have an adverse effect on its business and competitive position.
- The company has power and fuel requirements and any disruption to power sources could increase its
production costs and adversely affect the company results of operations and cash flows.
- The company is highly dependent on Arun Gupta who is one of its Promoters and the Chairman and WholeTime Director and Pranav Bansal, who is also one of its Promoters and the Managing Director and Chief Executive Officer, for its business. The loss of or the company's inability to attract or retain such persons could have a material adverse effect on its business performance.
- Improper storage, processing and handling of its raw materials, work products and products could
damage its inventories and, as a result, have an adverse effect on the company's business, results of operations and cash flows.
- Its inability to handle risks (including foreign currency fluctuation risks) associated with its export sales could negatively affect its sales to customers in foreign countries, as well as the company operations and representations in such countries, and its overall profitability.
- The company has certain contingent liabilities and commitments, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.
- Its financing agreements contain covenants that limit the company flexibility in operating its business. If the company is not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, its lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on its business and financial condition.
- The company has availed unsecured borrowings, which can be recalled by lenders at any time.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the steel industry.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the steel industry.
- The company is exposed to compliance and internal control related risks.
- Industry information included in this Red Herring Prospectus has been derived from an industry
report exclusively commissioned and paid for by it for the purposes of the Issue.
- The company failures to maintain optimum inventory levels could adversely affect its business, financial condition, results of operation and cash flow.
- Information relating to capacity utilization of its manufacturing facilities included in this Red
Herring Prospectus is based on various assumptions and estimates. Under-utilization of capacity of
its manufacturing facilities and an inability to effectively utilize its manufacturing facilities may have an adverse effect on its business and future financial performance.
- Failures or disruption of its information technology systems may adversely affect the company business, financial condition, results of operations, cash flows and prospects.
- Its suppliers and customers may engage in certain transactions in or with countries or persons that
are subject to international economic sanctions.
- Its insurance coverage may not be adequate to protect the company against all potential losses, which may have a material adverse effect on its business, financial condition, cash flows and results of operations.
- Its Promoters, Directors, Subsidiary and certain of the company's Group Companies, are engaged in the similar line of business activities as those undertaken by the Company, which may result in conflict of interest.
- Its Promoters and Promoter Group will continue to retain a majority shareholding in the Company
after the Issue, which will allow them to exercise significant influence over it.
- None of its Directors possess experience of being on the board of any listed company.
- The company has seen frequent changes in the statutory auditors of the Company which may expose to compliance related risks.
- Its ability to pay dividends in the future will depends on the company future cash flows, working capital requirements, capital expenditures and financial condition.
- If the company is unable to anticipate product trends and consumer preferences and develop successful new products, its may not be able to maintain or increase the company revenues and profits.
Bansal Wire Industries Ltd Peer Comparison
Understand the company’s industry standing
Bansal Wire Industries Ltd
Rajratan Global Wire Ltd
D P Wires Ltd
Face Value
5
2
10
Standalone / Consolidated
Consolidated
Consolidated
Standalone
Total Income Rs. Cr.
2470.886
898.68
1221.31
EPS-Basis
6.18
14.15
23.43
EPS-Diluted
6.18
14.15
23.43
NAV Per Share
33.14
97.03
145.93
P/E-Basic EPS
41.42
41.68
18.94
P/E-Diluted EPS
---
---
---
RONW(%)
18.46
15.41
17.39
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Bansal Wire Industries Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
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The IPO opens on 03 Jul 2024 & closes on 05 Jul 2024.
Bansal Wire Industries Ltd. was originally incorporated as a Private Limited Company under the name of 'Bansal Wire Industries Private Limited' on December 11, 1985, issued by the RoC. Thereafter, the Company was converted into a Public Limited Company and the name was changed to 'Bansal Wire Industries Limited', and a fresh Certificate of incorporation upon conversion from a Private Limited to Public Limited was issued by the RoC on November 13, 1995.
Bansal Wire Industries are the largest stainless steel wire manufacturing company and the second largest steel wire manufacturing
company in India. The Company manufactures high and low carbon steel wires/ galvanized wire / cable armoring wires and strips / stainless steel wires / profile, shaped wires, speciality wires and so on which have multiple application.
Bansal Group started its business by wire trading business since 1938 and diversified into the manufacturing in 1985. In 1991, the Company started production of cable wire, started production of stainless-steel wires during 1995; started production of galvanized wire during 2003, further embarked the journey by starting production of high carbon wires during 2007.
Later on, the Company launched d new products such as Spring Wires & Auto Cables of automotive industry during 2015 and was made the largest producer of stainless-steel wire products during the year 2018. The Company thereafter, acquired 26% of the shareholding of Bansal Steel & Power Limited (BSPL), and further was allotted 18,842,733 Equity Shares, and as a result, BSPL became a Subsidiary of Company effective from December 7, 2023.
As of 31 March, 2023, the Company had a production of 72,176 MTPA and 206,466 MTPA, respectively.
The Company propose Initial Public Offering by raising capital of Rs 745 Crore Fresh Issue Equity Shares.
Bansal Wire Industries Ltd IPO will close on 05 Jul 2024.
- Steel wire manufacturers with revenue of Rs. 24,447.19 million in Fiscal 2024 with established market position and strong brand equity.
- More than 5,000 customer base with presence across various sectors.
- Economies of scale.
- Product Portfolio with over 3,000 stock keeping units across the steel wire industry with good mix of high volume and better margin products.
- Business model with stable and consistent margin profile.
- Promoters and management with industry expertise of over 38 years.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Arun Gupta | 30737700 | 24.12 | 30737700 | 19.63 |
| 2 | Anita Gupta | 30899400 | 24.24 | 30899400 | 19.74 |
| 3 | Pranav Bansal | 13827800 | 10.85 | 13827800 | 8.83 |
| 4 | Arun Kumar Gupta HUF | 18343150 | 14.39 | 18343150 | 11.72 |
- The company relies substantially on its top 10 suppliers of the raw materials and work-in- progress goods used in its manufacturing processes. Any shortages, delay or disruption in the supply of the raw materials the company use in its manufacturing process may have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Any disruption, breakdown or shutdown of its manufacturing facilities may have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Its manufacturing facilities, and the company registered office are located on leasehold lands and rental basis. If the company is unable to renew existing leases or relocate its operations on commercially reasonable terms, there may be a material adverse effect on its business, financial condition and operations.
- The costs of the raw materials that the company use in its manufacturing process are subject to volatility. Increases or fluctuations in raw material prices, may have a material adverse effect on its business, financial condition, results of operations and cash flows.
- Its inability to maintain the company distribution network in India and attract additional dealers may have a material adverse effect on its results of operations and financial condition.
- The company is highly dependent on its skilled personnel for its day-to-day operations. The loss of or the company inability to attract or retain such persons have a material adverse effect on its business performance.
- The company has entered into and will continue to enter into related-party transactions which may potentially have conflict of interest with such related parties.
- The company has substantial working capital requirements and may require additional financing to meet those requirements, which could have a material adverse effect on its results of operations, cash flows and financial condition.
- Objects of the Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders' approval.
- While the company has identified three listed peers in India, however, it may be difficult to benchmark and evaluate its finan ial performance against the said listed peer.
- The company has had low EBITDA and PAT margins in the last three Fiscals.
- The company is dependent on the performance of the steel wires market. Any adverse changes in the conditions affecting the steel wires market can adversely impact its business, financial condition, results of operations, cash flows and prospects.
- The company has had negative cash flows in prior periods and may continue to have negative cash flows in the future.
- There was an increase in net worth, revenue from operation and net profit in Fiscals 2024, 2023 and 2022. The company cannot assure similar fluctuation in the future. There was an increase in net worth, revenue from operation and net profit in Fiscals 2024, 2023 and 2022. The company cannot assure similar fluctuation in the future.
- If the company is unable to maintain and enhance its brands, including its ability to protect the company brand through intellectual property, the sales of its products will suffer, which would have a material adverse effect on its results of operations.
- The company has a pan India presence across all regions of India with its primary markets being concentrated in north India. The company plan to expand into new geographical regions and may be exposed to significant liability and could lose some or all of its investment in such regions, as a result of which the company's business, financial condition and results of operations could be adversely affected.
- Its distribution to the overseas market is dependent on a few representatives and significant changes to its business arrangements with these representatives may impact the company's results of operations, cash flows and financial condition.
- All its current manufacturing facilities are geographically located in one region, i.e., North India at National Capital Region, India, due to which the company charge certain additional amount from its customers of other regions for supplying its steel wire products. The company inability to retain the customers from other regions due to price competency, any local social unrest, natural disaster or break down of services and utilities in that area may have a material adverse effect on its results of operations and financial condition.
- There are certain proceedings involving the Company, its Promoters, the company Directors, its Subsidiary and its Group Companies which if determined against it, may have an adverse effect on its business, cash flows and results of operations.
- The company is subject to various laws and extensive government regulations and if the company fails to comply, obtain, maintain or renew its statutory and regulatory licenses, permits and approvals required in the ordinary course of its business, including environmental, health and safety laws and other regulations, which could subject the Company to enforcement actions and penalties and its business financial condition, results of operations and cash flows may be adversely affected. Further, changing laws, rules and regulations and legal uncertainties, including the withdrawal of certain benefits or adverse application of tax laws, may adversely affect its business, prospects, results of operations and cash flows.
- The company is subject to strict quality requirements and any product defect issues or failure by it or the company raw material suppliers or its customers to comply with quality standards may lead to the cancellation of existing and future orders, recalls or exposure to potential product liability claims.
- The company regularly work with hazardous materials and activities in its operation which can be dangerous and could cause injuries to people or property.
- There are factual inaccuracies in certain of its corporate records and corporate filings. Further, the Company has, in the past made delayed filings with the RoC Additionally, certain of its historical corporate and secretarial records are not traceable. The company cannot assure you that regulatory proceedings or actions will not be initiated against us in the future which may impact its financial condition and reputation and its will not be subject to any penalty imposed by the competent regulatory authority in this regard.
- The availability of counterfeit products, such as products passed off as its products by others, and any failures to protect or enforce its rights to own or use trademarks and brand name and identity could have an adverse effect on its business and competitive position.
- The company has power and fuel requirements and any disruption to power sources could increase its production costs and adversely affect the company results of operations and cash flows.
- The company is highly dependent on Arun Gupta who is one of its Promoters and the Chairman and WholeTime Director and Pranav Bansal, who is also one of its Promoters and the Managing Director and Chief Executive Officer, for its business. The loss of or the company's inability to attract or retain such persons could have a material adverse effect on its business performance.
- Improper storage, processing and handling of its raw materials, work products and products could damage its inventories and, as a result, have an adverse effect on the company's business, results of operations and cash flows.
- Its inability to handle risks (including foreign currency fluctuation risks) associated with its export sales could negatively affect its sales to customers in foreign countries, as well as the company operations and representations in such countries, and its overall profitability.
- The company has certain contingent liabilities and commitments, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.
- Its financing agreements contain covenants that limit the company flexibility in operating its business. If the company is not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, its lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on its business and financial condition.
- The company has availed unsecured borrowings, which can be recalled by lenders at any time.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the steel industry.
- The company has in this Red Herring Prospectus included certain non-GAAP financial measures and certain other industry measures related to its operations and financial performance that may vary from any standard methodology that is applicable across the steel industry.
- The company is exposed to compliance and internal control related risks.
- Industry information included in this Red Herring Prospectus has been derived from an industry report exclusively commissioned and paid for by it for the purposes of the Issue.
- The company failures to maintain optimum inventory levels could adversely affect its business, financial condition, results of operation and cash flow.
- Information relating to capacity utilization of its manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates. Under-utilization of capacity of its manufacturing facilities and an inability to effectively utilize its manufacturing facilities may have an adverse effect on its business and future financial performance.
- Failures or disruption of its information technology systems may adversely affect the company business, financial condition, results of operations, cash flows and prospects.
- Its suppliers and customers may engage in certain transactions in or with countries or persons that are subject to international economic sanctions.
- Its insurance coverage may not be adequate to protect the company against all potential losses, which may have a material adverse effect on its business, financial condition, cash flows and results of operations.
- Its Promoters, Directors, Subsidiary and certain of the company's Group Companies, are engaged in the similar line of business activities as those undertaken by the Company, which may result in conflict of interest.
- Its Promoters and Promoter Group will continue to retain a majority shareholding in the Company after the Issue, which will allow them to exercise significant influence over it.
- None of its Directors possess experience of being on the board of any listed company.
- The company has seen frequent changes in the statutory auditors of the Company which may expose to compliance related risks.
- Its ability to pay dividends in the future will depends on the company future cash flows, working capital requirements, capital expenditures and financial condition.
- If the company is unable to anticipate product trends and consumer preferences and develop successful new products, its may not be able to maintain or increase the company revenues and profits.
The Issue type of Bansal Wire Industries Ltd is Book Building.
The minimum application for shares of Bansal Wire Industries Ltd is 58.
The total shares issue of Bansal Wire Industries Ltd is 29101563.
Initial public offering of 29,101,562 equity shares of face value of Rs. 5 each ("Equity Shares") of Bansal Wire Industries Limited (the "Company" or the "Issuer") for cash at a price of Rs. 256 per equity share of face value of Rs. 5 each (including a share premium of Rs. 251 per equity share) ("Issue Price") aggregating to Rs. 745.00 crores (the "Issue"). The issue constituted 18.59% of the post-issue paid-up equity share capital of the company.
The face value of the equity share is Rs. 5 each. the issue price is 51.20 times the face value of the equity shares.