New Delhi-based wires and cables manufacturer, Plaza Wires, saw its initial public offering (IPO) of 13,200,158 crore equity shares priced at Rs 51-54 each oversubscribed by retail and non-institutional investors. The IPO ran from Friday to October 4.
Investors showed strong interest in the company's shares despite the 'avoid' rating given by StoxBox due to industry volatility. Plaza Wires has a strong presence across India with branches in Rajasthan, Uttarakhand, Uttar Pradesh, and Maharashtra. Additionally, it maintains warehouses in Uttar Pradesh, Assam, Kerala, and Delhi.
The company demonstrated solid financial performance in FY2023, reporting a net profit of Rs 7.51 crore and revenue of Rs 182.60 crore. This robust financial health might have contributed to the investor enthusiasm observed during the IPO period.
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