Bansal Wire Industries Ltd, a prominent steel wire manufacturer, made a remarkable entry into the stock market on Wednesday, with its shares soaring 39% against the issue price of Rs 256.

On the Bombay Stock Exchange (BSE), Bansal Wire’s shares debuted at Rs 352.05, marking a significant 37.51% increase. The momentum continued, with the stock reaching a peak of Rs 368.70, representing a 44% rise from the issue price.

The performance was equally strong on the National Stock Exchange (NSE), where the stock opened at Rs 356, up 39% from its issue price. The impressive listing is attributed to robust investor interest and positive market sentiment towards the company’s growth prospects.

Bansal Wire’s initial public offering (IPO) received an overwhelming response, with substantial oversubscription from institutional and retail investors. Analysts believe the company’s strong fundamentals, coupled with its market positioning and growth potential in the steel wire industry, contributed to the heightened demand.

Speaking on the occasion, Bansal Wire Industries’ CEO, Rajesh Bansal, expressed his gratitude to investors for their trust and support. “We are thrilled with the overwhelming response to our IPO and our successful market debut. This milestone reflects the hard work and dedication of our team and reaffirms our commitment to delivering value to our shareholders,” he said.

Market experts have lauded Bansal Wire’s entry into the stock market, noting that the successful listing sets a positive tone for other companies planning to go public. The strong debut also highlights the continuing investor confidence in India’s manufacturing sector, particularly in the steel industry.

Bansal Wire Industries, known for its high-quality steel wire products, has established itself as a key player in the industry. The company plans to utilize the IPO proceeds for capacity expansion, debt reduction, and working capital requirements, aiming to strengthen its market position further and drive future growth.

As the trading day progresses, market participants will be closely monitoring Bansal Wire’s stock performance, with many optimistic about its long-term potential. The company’s successful market entry is seen as a testament to the resilience and growth prospects of India’s manufacturing sector, offering a positive outlook for investors and stakeholders alike.