Belrise Industries Debuts on the Exchanges; Lists at a Premium of 11.11%

Belrise Industries made a stellar debut on the stock exchanges today. The shares of the company listed at a premium of 11.11% at ₹100 on the NSE, against the issue price of ₹90. On the BSE, shares debuted at ₹98.50, a premium of 9.44% from the issue price.

Valued at ₹2,150 crore, the initial public offering (IPO) was open for subscription from May 21 to May 23.

The issue received a strong response from investors as it received bids to the tune of 43.14 times. Investors bid for 721.33 crore shares against the 16.72 crore shares on offer. Retail investors subscribed the allocated portion by 4.52 times, while non-institutional investors (NIIs) booked 40.58 times. The Qualified institutional buyers (QIBs) portion was subscribed 112.63 times.

About the IPO

Belrise Industries IPO was a complete fresh issue of over 23.89 shares. The proceeds from the IPO will be utilised to repay the outstanding borrowings availed by the company, which is about ₹1618 crore. The remaining funds will be used for general corporate purposes and to support business operations.

About the company

Founded in 1988, Belrise Industries Limited is an automotive component manufacturer, specialising in producing a wide range of safety-critical systems and engineering solutions. Catering to two-wheelers, three-wheelers, four-wheelers, commercial vehicles, and agri-vehicles, its portfolio includes automotive sheet metal and casting parts, polymer components, suspension systems among many.