Bharat Wire Ropes IPO will open for subscription on March 18, 2016 and will close on March 22, 2016.

The Rs 70-crore IPO of Bharat Wire Ropes was subscribed 40 per cent on the first day of the issue today.

The Rs 70-crore IPO of Bharat Wire Ropes was subscribed 40 per cent Friday, the first day of the issue.

The offer would include reservation of equity shares worth Rs 3.5 crore for subscription by eligible employees

The Maharashtra-based specialty wire ropes manufacturer has fixed the price band at Rs 40-45 for the IPO.

Shares of Bharat Wire Ropes made a positive debut on the bourses on Friday, rising by over 5 per cent, against the issue price of Rs 45.

Shares were trading 5% lower at Rs 44.90 compared to its issue price of Rs 45 per share

For the year ended March 2015, Bharat Wire Ropes reported net profit of Rs 1.97 crore, up 31.33 per cent, against Rs 1.50 crore last year.

Shares were trading flat at Rs 46 compared to its issue price of Rs 45 per share