Plaza Wires, well-known for its Plaza Cables and budget-friendly Action Wires, has seen robust subscriptions for its Initial Public Offering (IPO), particularly from retail investors. The shares were launched on Wednesday, with each priced between ₹51 and ₹54.
The IPO attracted substantial interest from non-institutional investors who subscribed 88.3 times, while the qualified institutional portion was booked at 60%. The company issued fresh equity of 1.32 crore shares, raising a total of ₹71.2 crore ($9.6 million).
The funds raised through the IPO are earmarked to finance the setup of a new manufacturing unit, meet working capital requirements, and address general corporate purposes. This endeavor is part of Plaza Wires' broader strategy to expand its product portfolio.
Shares are currently trading at a premium in the unlisted market, indicating strong investor confidence in Plaza Wires' future prospects. The IPO was managed by Pantomath Capital Advisors and KFin Tech.
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