Plaza Wires IPO oversubscribed, set to conclude on October 4

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Plaza Wires IPO oversubscribed, set to conclude on October 4
Credit: © Reuters.

Plaza Wires Ltd., a Fast-Moving Electrical Goods (FMEG) manufacturer, is in the final stages of its initial public offering (IPO), which started on September 29 and is scheduled to conclude on Wednesday, October 4. As of Monday, the IPO was subscribed 10.62 times, with retail investors subscribing 54.68 times.

The IPO consists of a fresh issue of about 13,200,158 shares, equivalent to approximately Rs 71.28 crore ($9.6 million). Notably, Plaza Wires has chosen not to include any sale offer in this IPO. The shares are being offered in the price range of Rs 51–54 per share.

The funds raised from the IPO will be used for the establishment of a proposed manufacturing unit, meeting working capital requirements, and for general corporate purposes. The public issue is being managed by Pantomath Capital Advisors Pvt Ltd., while Kfin Technologies Ltd. serves as the registrar.

Upon the conclusion of the IPO process, Plaza Wires' shares are expected to be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The company operates through a dealer and distribution network model.

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