Plaza Wires' IPO becomes public: Important information to know regarding the issue price, subscription status, and listing date

 Plaza Wires' IPO becomes public: Important information to know regarding the issue price, subscription status, and listing date

Date of Plaza Wires IPO allotment: On October 10, the basis for allotment is scheduled to be finalized. Refunds will be started for unsuccessful bidders on October, while winning bidders will have the shares credited to their demat accounts the following day, on October 11. 

Plaza Wires IPO: To raise up to Rs 71.3 crore, electric wire manufacturer Plaza Wires announced the launch of its initial public offering (IPO) on Friday. The new sale of 1.3 crore shares is part of the first public offering (IPO), which will be available for three trading days until October 5.  

Status of subscriptions to Plaza Wires IPO 

According to provisional exchange information, by 4:26 pm on Friday, the first day of the bidding procedure, the IPO had received bids for 4.01 crore shares against the 95 lakh shares that were being offered, representing a subscription of 4.23 times.  

Qualified institutional buyers (QIB) will receive at least 75% of the total offer; non-institutional investors (NII) would receive up to 15%; and retail investors will receive the remaining 10%. 

The following are some essential details concerning the Plaza Wires IPO:  

Significant dates 

The IPO will accept bids from 10 a.m. to 5 p.m. on trade days through October 5. On October 10, the basis for allotment is scheduled to be finalized. Refunds will be started for unsuccessful bidders on October, while winning bidders will have the shares credited to their demat accounts the following day, on October 11. Possibly on October 13, The Plaza Wires will be listed on BSE and NSE. 

Plaza Wires IPO lot size and issue price information 

For the IPO, the company has specified a price range of Rs. 51-54 per share. In the public offering, bids can be made for Plaza Wires shares in lots of 277, which equals Rs 14,127–Rs 14,958 each. 

Utilization of IPO funds by Plaza Wires 

According to its red herring prospectus (RHP), the company intends to use the proceeds from the offering for capital expenditures for setting up a new production unit to expand its product portfolio, funding its working capital requirements, and for other corporate purposes. 

IPO book-running lead manager for Plaza Wires 

The issue's book-running head manager is Pantomath Capital Advisors. 

IPO registrar Plaza Wires 

The official registrar of the public issuance is KFin Technologies. 

What is Plaza Wires' function? 

Since its incorporation in 2006, Plaza Wires has produced and marketed a wide range of goods under the Plaza Cables banner as well as its domestic brands, Action Wires and PCG.