Plaza Wires Shares Debut At 55.56% Premium Over IPO Price
The shares ended at a premium of 48.57% over the IPO price, though it declined 4.49% from its listing price.
Shares of Plaza Wires Ltd. debuted at Rs 84 apiece on the Bombay Stock Exchange, a premium of 55.56% over their IPO price of Rs 54 apiece.
On the NSE, the stock debuted at Rs 76 apiece, a 40.74% premium.
The shares ended at a premium of 48.57% over the IPO price, though it declined 4.49% from its listing price to end at Rs 80.23 apiece, according to BSE.
The IPO was subscribed to 160.97 times on its final day. Bids were led by non-institutional investors (388.09 times), retail investors (374.81 times), and institutional investors (42.84 times).
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 manager for the public issue, and Kfin Technologies Ltd. is the registrar. The equity shares of the company will be listed on the NSE and BSE.
Business
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.
