Belrise Industries IPO Skyrockets with Institutional Backing

Belrise Industries' initial public offering has taken the investment world by storm, closing with an oversubscription of 41.30 times on its final bidding day. This surge in interest was primarily driven by qualified institutional buyers whose subscriptions reached a staggering 108.35 times of their allocated quota.

The Rs 2,150-crore IPO saw fervent participation across the board, including 38.33 times and 4.27 times oversubscription from non-institutional and retail investors, respectively. Notably, the offering is a fresh issue of equity shares with prices ranging from Rs 85 to Rs 90 per share.

Funds raised will largely tackle Belrise's Rs 2,600 crore debt, furthering the automotive component manufacturer's standing in the industry. The company's long-established ties with global automotive giants like Bajaj Auto and Jaguar Land Rover are a testament to its sustained industry relevance.

(With inputs from agencies.)