Plaza Wires IPO Sees Remarkable Subscription Figures, Retail Investors Lead the Way

5 Oct 2023 , 12:04 PM

Plaza Wires’ much-anticipated Initial Public Offering (IPO) has garnered substantial attention from investors, showcasing remarkable subscription numbers throughout its journey. As of the fourth day of bidding on October 4, the IPO witnessed exceptional demand, underlining the strong investor confidence in the company’s prospects. Click here to subscribe the IPO.

Impressive Subscription Numbers:

On the third day of bidding, Plaza Wires’ IPO recorded an impressive subscription rate of 62.55 times. Bids poured in for a staggering 59.39 crore equity shares, surpassing the offer size of 94.96 lakh equity shares. 

Retail Investors Set a Record:

Retail investors displayed extraordinary enthusiasm, with their demand soaring to 277.17 times the allotted quota. This segment, which accounts for 10% of the IPO size, witnessed the highest-ever subscription in the retail category for an IPO. This remarkable response underscores the appeal of Plaza Wires among individual investors.

High Net Worth Individuals Show Confidence:

High Net Worth Individuals (HNIs) also exhibited strong support for the IPO, subscribing at a rate of 196.88 times the reserved portion, which represents 15% of the total IPO size. This overwhelming response from HNIs reflects their confidence in the offering.

Qualified Institutional Buyers (QIBs) Participation:

While the response from QIBs remained relatively muted in comparison, they still subscribed 5.90 times the portion allocated to them, which constitutes 75% of the offer size.

Offer Details:

The IPO is offered at a price band of Rs 51-54 per share, making it accessible to a wide range of investors. Plaza Wires, a Delhi-based wire manufacturer, aims to raise Rs 71.28 crore through the public issue. It’s important to note that the IPO comprises only a fresh issue component, representing the company’s commitment to further growth and expansion.