Plaza Wires IPO Subscribed Over 62 Times; Retail Book Garners Over Rs 1500 Cr Demand

Plaza Wires IPO Subscribed Over 62 Times; Retail Book Garners Over Rs 1500 Cr Demand

The issue received bids of 59,39,88,274 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.

FPJ Web DeskUpdated: Wednesday, October 04, 2023, 07:15 PM IST
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Plaza Wires IPO Subscribed Over 62 Times; Retail Book Garners Over Rs 1500 Cr Demand | Freepik

The Rs 71 Crore Initial Public Offering of Plaza Wires Limited witnessed a strong response from Retail and Non-Institutional Investors. It saw an overall subscription of 62.55 times on the third day of bidding.

The issue received bids of 59,39,88,274 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.

Retail Portion was the most subscribed with 223.82 times, followed by Non-Institutional Investors with 132.67 times, whereas Qualified Institutional Buyer Portion was subscribed 5.79 times. The issue kicked off for subscription on Friday, September 29, 2023 and will close on Thursday, October 5, 2023.

A day prior to the opening of the issue, Plaza Wires Ltd had raised Rs 20 crore from anchor investors. Investors who participated in the anchor were Chanakya Opportunities Fund, and Astorne Capital UCC-ARVEN.

Leading brokerages like Investmetz.com and Indsec Securities have given a “SUBSCRIBE” rating to the issue, citing that, at the upper price band of Rs. 54 per share, is reasonably priced with a price-to-earnings (P/E) ratio of 31.5x based on FY23 earnings (Post issue) and is in line when compared to its listed peers.

In addition, market experts are closely monitoring Plaza Wires, anticipating a positive reception from investors due to its competitive pricing and promising outlook within the sector.

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)

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