Plaza Wires sails through in first few hours

29 Sep 2023 , 01:28 AM

The initial public offering (IPO) of Plaza Wires, a manufacturer of wires and cables, is set to open for subscription on Friday, September 29, with the offering closing on Wednesday, October 4.

Plaza Wires is offering its shares at a price range of Rs 51-54 per share. Within the first 3 hours of the IPO opening, the issue received a strong response, with an oversubscription rate of 2.22 times. Retail investors showed significant interest, subscribing to their portion by 13.37 times, while non-institutional investors subscribed 1.71 times thus far.

The remaining funds raised through the IPO will be allocated for general corporate purposes, while Rs 22 crore will be utilized to fund working capital requirements.

The public issue will conclude on October 4, 2023.

Plaza Wires is expected to finalize the basis of allotment for IPO shares by October 9, 2023. Eligible investors can anticipate their equity shares to be credited to their demat accounts by October 11, 2023.

Trading in Plaza Wires’ equity shares will officially commence on October 12, 2023.