Plaza Wires shares surged on their first day of trading on the Bombay and National Stock Exchanges, closing at a premium of 41% and 56% over their IPO price, respectively.
Plaza Wires' share price in the grey market was significantly higher than the issue price, with the premium for the counter standing at Rs 23-25 per share. This premium has remained consistent since the closing of the issue and has nearly doubled since the end of bidding. Plaza Wires' Initial Public Offering (IPO) was available for subscription from September 29 to October 5, and the company sold 277 equity shares in the price range of Rs 53-54 per share, raising over Rs 71 crore through its initial stake sale of 1.32 million fresh equity shares.
During the bidding process, the IPO was overall subscribed 160.97 times. Thanks to non-institutional investors (NIIs), whose allocation saw a robust 388.09 times bidding and the retail investors' portion subscribed 374.81 times. All quota was reserved for qualified institutional bidders (QIBs) as their quota was booked 42.84 times.
Plaza Wires designs, manufactures and sells wires and cables. It also sells and sells LT aluminium cables and FMEG (fast-moving electrical goods). The company has 1,250 authorised dealers and distributors. The company has branches in Rajasthan, Uttarakhand, Uttar Pradesh and Warehouse in Uttar Pradesh, Assam, Kerala and Delhi.
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