Plaza Wires IPO gets subscribed 160.97 times on day 3, retail portion booked 374.81 times
Plaza Wires IPO allotment date: The basis of allotment is is set to be finalised on October 10. Unsuccessful bidders will have refunds initiated on October, whereas successful ones will have the shares credited into their demat accounts the next day, on October 12.
Plaza Wires IPO: Electric wire maker Plaza Wires launched an initial public offer (IPO) on Friday to raise up to Rs 71.3 crore. The IPO, which will be open for three trading days till October 5, comprises fresh issuance of 1.3 crore shares.
Plaza Wires IPO subscription status
On the final day of the bidding process, the IPO received bids for 1,52,86,35,857 shares against the 94,96,114 shares on offer, marking a subscription of 160.97 times, according to provisional exchange data.
|Category||Subscription (No. of times the equity reserved)|
|Qualified institutional buyers||42.84|
|Source: Exchange data|
While at least 75 per cent of the total issue is reserved for qualified institutional buyers (QIB), up to 15 per cent is set aside for non-institutional investors (NII), and the remaining 10 per cent for retail investors.
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Here are some of the key things to know about the Plaza Wires IPO:
Bidding under the IPO will be available between 10 am and 5 pm on trading days till October 5. The basis of allotment is is set to be finalised on October 10. Unsuccessful bidders will have refunds initiated on October, whereas successful ones will have the shares credited into their demat accounts the next day, on October 12. The Plaza Wires will be listed on BSE and NSE, tentatively on October 13.
Plaza Wires IPO issue price and lot size
The company has set a price range of Rs 51-54 per share for the IPO. Under the public offer, one can bid for Plaza Wires shares in multiples of 277, translating to Rs 14,127-14,958 per lot.
Plaza Wires IPO fund utilisation
The company plans to utilise the proceeds from the issue towards capital expenditure for towards setting up a new manufacturing unit to expand its product portfolio, funding its working capital requirements, and for general corporate purposes, according to its red herring prospectus (RHP).
Plaza Wires IPO book-running lead manager
Pantomath Capital Advisors is the book-running lead manager for the issue.
Plaza Wires IPO registrar
KFin Technologies is the official registrar of the public issue.
What does Plaza Wires do?
Incorporated in 2006, Plaza Wires is engaged in the manufacturing and marketing of a host of products under its flagship brand Plaza Cables, and its home brands such as Action Wires and PCG.