Plaza Wires’ shares are scheduled to debut on the bourses today. Ahead of its listing, Plaza Wires’ shares’ GMP surged 42.59%. The IPO was subscribed 160.97 times. The Qualified Institutional Buyers (QIBs) category was subscribed 42.84 times, the portion for non-institutional investors received a 388.09-time subscription, and the Retail Individual Investors (RIIs) quota got subscribed by 374.81 times.
“The IPO was subscribed 160.97 times, making it one of the most oversubscribed IPOs of the year. Based on the latest grey market premium (GMP) of Rs. 23, the expected listing price of Plaza Wires is around Rs 77 per share. This is a premium of 42.59% to the IPO price band of Rs 51–54 per share. Plaza Wires is a well-managed company with a strong track record of growth and the IPO was also well received by the investors. Thus it is expected to witness a good listing, with the stock likely to trade at a premium,” said Shivani Nyati, Head of Wealth, Swastika Investmart.
Plaza Wires (PWL) is involved in the business of manufacturing and selling wires along with selling and marketing of LT aluminum cables and fast-moving electrical goods (FMEG). The company’s product mix includes products of different types of wires and cables, and FMEG such as electric fans, water heaters, switches, and switch gears, PVC insulated electrical tape, and PVC conduit pipe & accessories. The company has a network of 1,249 authorized dealers and distributors spread across pan India and C&F agents in Punjab.