Plaza Wires IPO: Issue booked over 13 times on day 2 so far; retail portion booked 65 times

3 Oct 2023 , 11:54 AM

The Plaza Wires IPO, which opened for subscription on Friday, September 29, and is set to close on Wednesday, October 4, has garnered significant interest from investors. On the first day of the offering, the issue was oversubscribed 4.69 times. Click here to subscribe the IPO.

By the second day, the IPO had received bids for 12,61,65,467 shares out of the 94,96,114 equity shares available for subscription, resulting in 13.29 times subscription by 11:45 am. Notably, the retail portion of the IPO saw a remarkable subscription rate of 65.08 times, while non-institutional investors subscribed for 19.37 times the reserved shares. However, the portion allocated to Qualified Institutional Buyers (QIBs) received only 31% subscription so far.

Plaza Wires, a Delhi-based wires manufacturing company, is offering its shares in the price range of Rs 51-54 per share. Investors can bid for a minimum of 277 shares in one lot and in multiples thereafter. The Rs 71.28-crore offer comprises solely a fresh equity issue of 1.32 crore shares by the company, with no offer-for-sale component. Consequently, the entire issue proceeds, excluding IPO expenses, will go to the company.