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 and 27.79 times on day 2.
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 Details
Issue Opens: Sept. 29
Issue Closes: Oct. 5
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
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
Subscription Status: Day 3
The IPO has been subscribed 62.56 times as of 5:00 p.m. on Wednesday.
Institutional investors: 5.79 times
Non-institutional investors: 132.68 times
Retail investors: 223.89 times
Watch | IPO Adda with Plaza Wires management:
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