Plaza Wires IPO Receives 152 Cr Bids Versus 95 Lakh Shares On Offer, Oversubscribed 161 Times

Plaza Wires IPO Receives 152 Cr Bids Versus 95 Lakh Shares On Offer, Oversubscribed 161 Times

Non-Institutional Investors Portion was the most subscribed with 388.10 times, followed by Retail Portion with 374.81 times, whereas Qualified Institutional Buyer Portion was subscribed 42.84 times.

FPJ Web DeskUpdated: Thursday, October 05, 2023, 06:43 PM IST
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Plaza Wires IPO Receives 152 Cr Bids Versus 95 Lakh Shares On Offer, Oversubscribed 161 Times | Canva

The Rs 71.28 Crore Initial Public Offering of Plaza Wires Limited witnessed a strong response from Retail and Non-Institutional Investors with 160.98 times subscription on the final day of bidding.

The issue received bids of 1,52,86,61,064 shares against the offered 94,96,114 equity shares, at a price band of ₹51-54, according to the data available on the stock exchanges.

Non-Institutional Investors Portion was the most subscribed with 388.10 times, followed by Retail Portion with 374.81 times, whereas Qualified Institutional Buyer Portion was subscribed 42.84 times.

Pantomath Capital Advisors Private Limited is the sole book running lead manager to the issue. The Equity Shares are proposed to be listed on BSE Limited and National Stock Exchange (NSE).

The company’s business model engages dealer and distribution network via 1249 authorized representatives to sell and market the company's products, including sales through C&F agents, securing government bids for supply to government projects, and direct sales to infrastructure projects. It competes with listed peers which includes Cords Cable Industries Limited, Ultracab (India) Limited, V-marc India Limited, Dynamic Cables Limited, and Paramount Communications Limited.

The company’s revenue from operations grew 3.23% from ₹ 176.77 crore in Fiscal 2021 to ₹ 182.49 crore in Fiscal 2023 primarily due to an increase in sales of wires and cables. However, profit after tax grew 26.14% to ₹ 7.51 crore for fiscal 2023 against ₹ 5.95 crore for fiscal 2022.

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