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The IPO was open from September 29 to October 5, 2023, with a price band of ₹51 to ₹54 per share. It saw an overwhelming response from investors, with bids reaching 152.9 crore against an offering of nearly 95 lakh shares. The public issue was subscribed 160 times overall, while the retail portion saw a whopping subscription of 375 times.
Investors who successfully bid for the IPO will receive their share credits by Wednesday, October 12. Meanwhile, refunds for unsuccessful participants commenced on Wednesday. Investors can verify their allotment status through the BSE or Kfin Technologies’ websites.
The Grey Market Premium (GMP) of ₹23 per share indicates a potential listing price of ₹77 per share, pointing to a promising debut for Plaza Wires. The highest GMP recorded was at ₹23.
Pantomath Capital Advisors managed the IPO of 13,200,158 new shares registered by Kfin Technologies. The proceeds from the IPO will fund a new manufacturing facility to expand the product line with house wires, fire-resistant wires, cables, aluminum cables, and solar cables. Additionally, it will meet working capital needs and serve general corporate purposes.
In the fiscal years leading up to the IPO, Plaza Wires reported revenues of ₹1,382.27 million (INR100 crore = approx. USD12 million) in 2023, ₹1,388.28 million in 2022, and ₹1,180.55 million in 2021. The company’s listed peers include Cords Cable Industries Ltd and Ultracab (India) Ltd.
Shares were reserved for Qualified Institutional Buyers (QIBs) at 75%, Non-Institutional Investors (NIIs) at 15%, and retail investors at 10%. Ahead of the issue, Plaza Wires also mobilized ₹20 crore from anchor investors.
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