As of December 5, 2025, the GMP for Vidya Wires IPO stands at ₹5.5, implying a listing premium of about 10.58% over the upper price band of ₹52 per share, with unlisted shares trading at ₹57.5. This reflects a slight decline from Day 1 levels (₹6–₹6.5) and earlier peaks (₹10), amid market volatility and competing IPOs, but it remains positive, signaling potential for moderate listing gains.
The Vidya Wires IPO has received a strong response from investors, particularly retail and non-institutional segments, driven by its position in the expanding winding and conductivity products sector amid India’s electrification and infrastructure growth. It faced competition from larger IPOs like Meesho and Aequs during the December 3–5, 2025 subscription window. The Grey Market Premium (GMP) indicates cautious optimism, with modest listing gains expected.
Vidya Wires IPO: Essential Details
Vidya Wires Limited, a Gujarat-based manufacturer of copper and aluminium winding and conductivity products, opened its mainboard IPO for subscription on December 3, 2025, and closed on December 5, 2025. The ₹300.01 crore issue comprises a fresh issue of ₹274 crore (5.27 crore shares) to fund capital expenditure in subsidiary ALCU (₹140.5 crore), debt repayment (₹100 crore), and general corporate purposes, alongside an offer for sale (OFS) of ₹26.01 crore (0.50 crore shares) by promoters Shyamsundar Rathi and Shailesh Rathi. The price band is fixed at ₹48–₹52 per equity share (face value ₹1), with a lot size of 288 shares, requiring a minimum retail investment of ₹14,976 at the upper band.
| Parameter | Details |
|---|---|
| IPO Opening Date | Dec 3, 2025 |
| IPO Closing Date | Dec 5, 2025 |
| Price Band | ₹48 – ₹52 per share |
| Lot Size | 288 shares |
| Minimum Investment | ₹14,976 |
| Issue Size | ₹300.01 crore |
| Fresh Issue | ₹274 crore |
| Offer for Sale (OFS) | ₹26 crore |
| Allotment Date | Dec 8, 2025 |
| Listing Date | Dec 10, 2025 |
| Latest GMP (Dec 5, 2025) | ₹5.5 |
| GMP Premium (%) | 10.58% |
| FY25 Revenue | ₹1,486.39 crore |
| FY25 PAT | ₹40.87 crore |
| Day 2 Subscription (Overall) | 8.94x |
| Day 3 Subscription (Overall, as of 10:39 AM) | 11.61x |
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Grey Market Premium (GMP) Trends and Analysis
The GMP, an unofficial indicator of pre-listing demand, stood at ₹5.5 on December 5, translating to shares trading at ₹57.5 in the grey market—a 10.58% premium over ₹52. This follows Day 2 levels around ₹5–₹6 and Day 1 at ₹6, with intraday fluctuations amid steady retail interest.
- The stable but moderating GMP reflects balanced confidence in short-term gains, tempered by hype around Meesho (GMP ~₹41–₹45, 33–40% premium) and Aequs (GMP ~₹41–₹46, 33–37% premium), which saw stronger overall subscriptions.
- Analysts highlight that Day 1–2 momentum (overall subscription rising to 8.94x by end of Day 2) supports a GMP above ₹5, affirming moderate listing potential, though final QIB uptake on Day 3 could influence it further.
- In a busy December lineup with Meesho’s ₹5,421 crore e-commerce IPO and Aequs’s ₹922 crore aerospace offering, Vidya Wires’ GMP positions it as a reliable industrial bet rather than a high-volatility debut.
Company Background and Financial Performance
Established in 1981 and based in Anand, Gujarat, Vidya Wires specializes in enamelled copper wires, PV ribbons, copper busbars, paper-covered strips, and other conductivity products for sectors like power transmission (48% of FY25 revenue), electrical systems (29%), renewables/EVs, railways, and general engineering. With an installed capacity of 19,680 MTPA in FY25 (set to double to 37,680 MTPA by FY27 via ₹150 crore capex, partially funded by IPO proceeds), it ranks among India’s top players and exports to 18+ countries.
Financially, the company posted robust FY25 results: revenue from operations grew 25% year-over-year to ₹1,486.39 crore (from ₹1,186.07 crore in FY24), with PAT surging 59% to ₹40.87 crore (PAT margin: 2.74%; EBITDA: ₹64.22 crore, margin 4.32%). This reflects a 21% revenue CAGR and 38% PAT CAGR over FY23–25, driven by electrification trends and hedging against commodity volatility (copper accounts for ~93% of raw materials). Q1FY26 sustained momentum with ₹413.09 crore revenue and ₹12.06 crore PAT. At ₹52 upper band, the IPO values the company at a FY25 P/E of ~22.9–27.1x, a discount to peers’ 47.8x average (e.g., Precision Wires: 53.5x; Ram Ratna: 42.2x), with ROE at 19.7–24.6%.
Ahead of the public issue, Vidya Wires raised ₹90 crore from anchors on December 2, 2025, allotting 1.73 crore shares at ₹52 to funds like Bandhan MF, LIC MF, Bank of India MF, Maybank Securities, MAIQ Growth Scheme, and Alchemy Emerging Leaders of Tomorrow Series 2—signaling institutional faith in its debt reduction and expansion plans (post-IPO debt:equity ~0:1).
Allotment Process and Investor Considerations
The IPO allocates up to 50% to Qualified Institutional Buyers (QIBs, including 30–35% anchors), at least 15% to Non-Institutional Investors (NIIs), and at least 35% to Retail Investors. By end of Day 2 (December 4), overall subscription reached 8.94x: retail 12.45x, NII 10.80x, QIB (ex-anchor) 1.39x—showing robust individual and HNI interest, with QIBs picking up pace. Final Day 3 data (as of 10:39 AM IST) showed 11.61x overall: retail 15.21x, NII 16.82x, QIB 1.40x. Retail bids require multiples of 288 shares via ASBA/UPI; allotment is lottery-based if oversubscribed, with refunds and demat credits processed swiftly per SEBI norms.
Key Factors and Risks
Subscription trends and GMP point to solid sentiment, but experts urge focusing on fundamentals over grey market signals:
- Strengths: Sector tailwinds from India’s ₹343,000 MTPA winding products demand (FY25), infrastructure push, and clean energy/EV growth; competitive P/E vs. peers; full copper hedging mitigates volatility.
- Risks: Slim margins (PAT 2.74%, below industry buffers) vulnerable to copper price swings (93% of costs, sourced 57% from Japan) and supply disruptions; competition from larger players; dependence on power/engineering segments (77% revenue). Valuations, while reasonable, appear stretched for an SME-like manufacturer amid input volatility.
- Track final QIB/NII subscriptions for conviction; long-term viability hinges on ALCU expansion and debt paydown. Brokerages like Angel One rate it “Subscribe for Long Term” for scale gains, while SBI Securities echoes “Subscribe” citing 21% revenue CAGR.
Important Dates:
- IPO opens: December 3, 2025
- IPO closes: December 5, 2025
- Share allotment: December 8, 2025
- Shares credited to demat accounts: December 9, 2025
- Listing date (BSE & NSE): December 10, 2025
Conclusion
With a GMP of ₹5.5 signaling ~10.6% listing upside and overall subscription exceeding 11x by mid-Day 3 (driven by retail at 15x+), Vidya Wires provides a stable entry into India’s electrification surge, differentiating from high-hype peers like Meesho (~33% GMP) and Aequs (~33% GMP). Its 25% FY25 revenue growth and undervalued P/E appeal to medium-term investors, but thin margins and raw material risks require caution. Prioritize fundamentals and allotment odds over speculation for informed decisions.