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The company’s Rs 71.28-crore IPO, which involved only a fresh issue of 1.3 crore shares, received a robust response with a subscription rate of 161 times from September 29 to October 5. Retail buyers showed particular interest, bidding at record levels. Despite market volatility and competition in the sector, Plaza Wires’ shares consistently appreciated due to reasonable valuations and the performance gap between large and small-cap companies in the sector.
Prashanth Tapse from Mehta Equities Ltd advised investors to retain half of their holdings for potential medium to long-term gains given the optimistic sector outlook. Avinash Gorakshakar from ProfitMart Securities sees a promising upside of 25% for Plaza Wires, which operates a unit in Himachal Pradesh’s Baddi with an annual production capacity of 1,200,000 coils.
In terms of financial performance, the company’s net profit rose to Rs 7.51 crore for the year ended March 2023 from Rs 5.95 crore the previous year. Its revenue also saw an uptick, increasing to Rs 182.4 crore from Rs 176.7 crore.
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