Plaza Wires Limited IPO registers strong debut on BSE and NSE

12 Oct 2023

Plaza Wires Limited's Initial Public Offering (IPO) registered a robust debut on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Thursday.
At the NSE, Plaza Wires' share price was listed at ₹80.23 per share, marking a remarkable 48.5 per cent increase over the issue price of ₹54. On the BSE, Plaza Wires' price debuted at ₹80.2 per share.
An official notice from BSE confirmed that Plaza Wires Limited's equity shares were to be listed and admitted to trading on the Exchange in the 'T' Group of Securities, effective from Thursday.
The listing proceedings commenced with a special pre-open session on both BSE and NSE, followed by the availability of Plaza Wires shares for regular trading at 10:00am. The stock will remain in the Trade-for-Trade segment for the next 10 trading days.
Plaza Wires IPO Details
Plaza Wires IPO, valued at ₹71.28 crores, consisted solely of a fresh issue of 13,200,158 equity shares, with no offer for sale (OFS) component.
The company has outlined its plans for the net proceeds from the offering, which include funding the capital expenses for a new manufacturing facility. Additionally, the funds will be allocated to meet the company's working capital requirements and for general corporate purposes.
Plaza Wires IPO Subscription Highlights
The Plaza Wires IPO subscription window was open for subscription from September 29 and closed on October 5. The company had set the price band for the proposed initial public offer at ₹51 to ₹54 per equity share. Investors submitted bids for a minimum of 277 equity shares, with subsequent bids in multiples of 277 equity shares.
On the first day, the IPO was oversubscribed by 4.73 times, surging to 27.90 times on the second day, and an astonishing 62.75 times on the third day.