Plaza Wires IPO: Issue subscribed 35 times on day 3 so far

4 Oct 2023 , 11:28 AM

Plaza Wires’ Initial Public Offering (IPO) witnessed robust demand, with the subscription reaching 27.78 times on the second day of the subscription period. Investors bid for 26,37,76,020 shares against the 94,96,114 shares on offer, according to data from the NSE.

By the third day, at 11:15 AM, the IPO was subscribed 35.08 times, with bids received for 33,30,78,927 equity shares out of the total offering of 94,96,114 shares.

The Retail Individual Investors (RIIs) category saw exceptionally strong demand, with a subscription rate of 148.70 times. Non-institutional investors subscribed 67.74 times their allocated portion, while the quota for Qualified Institutional Buyers (QIBs) was subscribed to 43% of the total available shares.

Plaza Wires’ IPO is priced in the range of Rs 51-54 per share. The company is engaged in the manufacturing, marketing, and sale of wires, aluminum cables, and fast-moving electrical goods, including electric fans and water heaters.