Plaza Wires initiates IPO to raise ₹71.2 crore, listing set for October 12

  • Stock Market News
Plaza Wires initiates IPO to raise ₹71.2 crore, listing set for October 12
Credit: © Reuters.

In a move to raise ₹71.2 crore, Plaza Wires has initiated an Initial Public Offering (IPO) this Friday. The company is offering 1.32 crore shares at a price range of ₹51-54 each, under the management of Pantomath Capital Advisors.

Plaza Wires, which markets its products under the brand names "Plaza Cables" and "Action Wires", reported revenues of ₹183 crore (INR100 crore = approx. USD12 million) for the fiscal year 2023. The IPO subscriptions are set to close on October 4, with a prospective listing date set for October 12.

Despite the firm's performance in FY2023, analysts have expressed varied opinions on the offer due to valuation concerns. The divergent views can be attributed to the complex nature of the capital markets and different evaluation methods used by market analysts.

The company's decision to go public is seen as part of a broader trend of firms seeking to capitalize on robust investor sentiment in the capital markets. The funds raised from the IPO will provide Plaza Wires with additional capital for its operations and potential expansion plans.

However, it's important to note that an IPO's success is subject to various factors including market conditions, investor sentiment and the company's financial performance. Investors are advised to carefully consider these factors before making investment decisions.

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