In a robust debut on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), Plaza Wires' shares were traded at a premium following the company's highly successful initial public offering (IPO). The IPO, which was the most oversubscribed of the year, has been marked by high investor interest due to Plaza Wires' strong growth track record.
The company's shares even commanded a ₹23 premium in the unlisted market. Plaza Wires, known for its diverse product portfolio including economical "Action Wires", flagship "Plaza Cables", Poly Vinyl Chloride products, electric fans, water heaters, switches, and switchgears, raised ₹71.2 crore ($9.6 million) through the sale of 1.32 crore fresh equity shares.
The IPO was managed by Pantomath Capital Advisors and KFin Tech. The proceeds from the IPO will be used to fund a new manufacturing unit and meet the company's working capital needs. This move is expected to further bolster Plaza Wires' position in the market, following its strong performance in recent years.
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