Plaza Wires IPO Subscribed 27.79 Times On Day 2

Plaza Wires Ltd. launched its initial public offering on Sept. 29, and the issue will close on Oct. 4. The IPO was subscribed to 4.73 times on day 1.

The FMEG manufacturer's IPO comprises a fresh issue of 13,200,158 shares, amounting to up to Rs 71.28 crore. The company does not have any offer for sale.

The price band for the issue is fixed in the range of Rs 51–54 per share.

Proceeds of the issue will be used for setting up the proposed manufacturing unit, funding the working capital requirements, and for general corporate purposes.

Pantomath Capital Advisors Pvt Ltd. is the Lead Managers to the public issue and Kfin Technologies Ltd is the registrar. The equity shares of the company will be listed on the NSE and BSE.

• Issue Opens: Sept. 29

• Issue Closes: Oct. 4

• Fresh Issue Size: Rs 71.28 crore

• Shares for Fresh Issue: 1,32,00,158 shares

• Total Issue Size: Rs 71.28 crore

• Price Band: Rs 51–54 per share

• Lot Size: 277 Shares

• Face Value: Rs 10 per share

• Listing: BSE and NSE

The company is engaged in the business of manufacturing and selling wires, including the sale and marketing of LT aluminium cables and fast-moving electrical goods under the flagship brand “Plaza Cables” and home brands such as “Action Wires” and “PCG”.

The company's key products are building wires, also known as house wires, single and multicore round flexible industrial cables, and industrial cables for submersible pumps and motors up to 1.1 kv grade.

The company's business model includes:

• A dealer and distribution network to sell and promote products, including sales through C&F agents. It selects dealers and distributors based on their sales network, market reputation, and financial strength, including sales.

• Securing government tenders for supply to government projects and

• Direct sales to infrastructure projects

The IPO has been subscribed 27.79 times as of 5:00 p.m. on Tuesday.

• Institutional investors: 0.42 times

• Non-institutional investors: 53.16 times

• Retail investors: 118.96 times