Plaza Wires IPO: Plaza Wires, a distinguished wire manufacturing company, recently made a stunning entry into the stock market. The company’s Initial Public Offering (IPO) was met with an overwhelming response from investors, filling up completely on its very first day. Astonishingly, within just four days, the subscription for this IPO exceeded 160 times the available shares. Initially priced at 54 rupees per share, its listing on the BSE started at 84 rupees, granting investors a robust listing gain of 55.56%.
The company had floated its IPO from September 29 to October 5, amassing an impressive subscription rate of 160.97 times. Notably, the QIB portion was subscribed 42.84 times, non-institutional investors by a staggering 388.09 times, and retail investors by 374.81 times. Under this IPO, 1,32,158 new equity shares with a face value of 10 rupees each were issued. The company intends to use the funds garnered from these shares to set up a new manufacturing plant, meet its working capital requirements, and serve other general corporate purposes.
Founded in 2006, Plaza Wires share was previously known as Navratna Wires. The company specializes in producing wires and LT aluminum cables. Moreover, they are also engaged in the sale of fast-moving electrical goods. Their products are sold under the flagship brand “Plaza Cables”, alongside other prominent brands like “Action Wires” and “PCG”. In terms of after-sales service for electric fans, the company boasts over 20 service centers spanning regions like Jammu & Kashmir, Punjab, Uttar Pradesh, Uttarakhand, Haryana, and Tamil Nadu. In a strategic move to expand its product portfolio, approximately two years ago, the company introduced miniature circuit breakers and distribution boards.
As of March 31, 2023, Plaza Wires share boasts a vast network comprising over 1,249 authorized dealers and distributors. Their presence is marked with three branch offices in Uttaranchal, Rajasthan, and Uttar Pradesh; one branch office-cum-warehouse in Maharashtra; and four warehouses in states like Uttar Pradesh, Kerala, Assam, and Delhi. Additionally, the company collaborates with a CAF agent in Punjab, underlining its expansive operations.
Plaza Wires Share debut in the stock market has undoubtedly created ripples of excitement among investors, reflecting its robust operational prowess and promising growth prospects.