Plaza Wires sets price band of Rs 51-54 a share; IPO to commence tomorrow
28 Sep 2023 , 08:08 AM
Plaza Wires, formerly operating under the name Navratna Wires, specializes in a diverse range of electrical solutions. Their product portfolio includes house wires, single and multi-core round flexible industrial cables, as well as industrial cables designed for submersible pumps and motors with a capacity of up to 1.1 kv grade. Additionally, Plaza Wires extends its offerings through collaborations with third-party manufacturers, providing a comprehensive suite of wires and cable products.
The company is coming up with IPO. Check the details here:
IPO Details:
The Plaza Wires IPO is a book-built issue of Rs 71.28 crores.
It consists entirely of fresh issue shares, totaling 1.32 crore shares.
The IPO subscription period is from September 29, 2023, to October 4, 2023.
Allotment is expected to be finalized on October 9, 2023.
The tentative listing date on the BSE and NSE is October 12, 2023.
The price band for the Plaza Wires IPO is set at ₹51 to ₹54 per share.
The minimum lot size for an application is 277 shares.
Retail investors need a minimum investment of ₹14,958.
The minimum lot size for sNII is 14 lots (3,878 shares), amounting to ₹209,412, and for bNII, it is 67 lots (18,559 shares), amounting to ₹1,002,186.
Participation Reservation:
QIB (Qualified Institutional Buyers) can apply for not less than 75.00% of the net offer.
NII (Non-Institutional Investors or HNI) can apply for not more than 15.00% of the offer.
Retail investors can apply for not more than 10.00% of the offer.
Book Running Lead Manager and Registrar:
Pantomath Capital Advisors Pvt Ltd is the book running lead manager for the Plaza Wires IPO.
Kfin Technologies Limited is the registrar for the issue.
Company Overview:
Plaza Wires, originally incorporated as Navratna Wires, operates in the wires and cables segment.
Its product range includes house wires, single & multicore round flexible industrial cables, industrial cables for submersible pumps & motors (up to 1.1kv grade), LT power control cables, TV dish antenna co-axial cables, telephone & switchboard industrial cables, computer & LAN networking cables, close circuit television cables, and solar cables, among others.
The company also offers PVC insulated tape and PVC conduit pipe & accessories through third-party manufacturers.
Utilization of Proceeds:
The net proceeds from the IPO will be used for:
Funding the capital expenditure towards setting up a new manufacturing unit for house wires, fire-resistant wires & cables, aluminum cables, and solar cables to expand the product portfolio.
Funding the working capital requirements of the company.
General corporate purposes.
Distribution Network:
Plaza Cables has over 1,249 authorized dealers and distributors, including branch offices in various states and warehouses in Uttar Pradesh, Assam, Kerala, and Delhi.
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