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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.