The initial public offering (IPO) of Plaza Wires Limited, which ran from September 29th to October 5th, 2023, concluded on Thursday with an impressive investor response. The IPO was oversubscribed by 62 times, indicating strong market interest in the company's shares.
The offering was managed by Pantomath Capital Advisors and sought to accumulate ₹71.28 crores through a share price band of ₹51 to ₹54. Despite bearish market trends, Plaza Wires' shares were offered at a ₹23 premium in the grey market on Thursday. This robust investor response has led to oversubscription across all IPO categories with only a day left for applications.
The shares will be listed on both BSE and NSE by October 13, 2023. Investors can check their allotment status under 'Status of Issue Application' and 'Equity' using their Demat Account or PAN on BSE or Kfin Technologies.
A report encouraged subscribing to the IPO, citing the rapid expansion of India's wires and cables industry. The industry is projected to grow at a compound annual growth rate (CAGR) of approximately 14.50% by Fiscal 2026. The report also pointed out a growing consumer preference towards branded manufacturers due to an increase in fire accidents caused by electrical faults.
This successful IPO reflects the market's confidence in Plaza Wires Limited and the broader wires and cables industry in India. The strong investor response suggests that the company is well-positioned to capitalize on the projected growth in this sector.
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