Bharat Wire Ropes Shares End Over 1% Higher On Debut

Mumbai: Shares of Bharat Wire Ropes, which made a positive debut on the bourses today, closed with over 1 per cent gains compared to the issue price of Rs 45. 

The stock which listed at Rs 47.35, up 5.22 per cent from its issue price, finally ended at Rs 45.40, a gain of 0.88 per cent on BSE. During the day, it surged 5.55 per cent to Rs 47.50. 

At NSE, shares of the company ended 1.22 per cent higher at Rs 45.55. 

On the volume front, 16.97 lakh shares of the company changed hands at BSE and over 44 lakh shares were traded at NSE during the day. 

In the broader market, the BSE Sensex ended 72.22 points lower at 25,269.64. 

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.
 

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)