Plaza Wires IPO: Firm mobilises ₹20 crore from anchor investors ahead of issue

Plaza Wires IPO: Plaza Wires has raised ₹20 crore from anchor investors a day ahead of its IPO subscription opening for bidding. Plaza Wires initial public offering (IPO) will open for subscription on Friday, September 29 and close on Wednesday, October 4. Two anchor investors - Chanakya Opportunities Fund I and Astrone Capital UCC-Arven, participated in the anchor book.

Plaza Wires is engaged in the business of manufacturing and selling wires, and selling and marketing LT aluminium cables and fastmoving electrical goods (FMEG) under its flagship brand 'Plaza Cables' and home brands such as 'Action Wires'.

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Plaza Wires IPO Details

Plaza Wires IPO is a book built issue of ₹71.28 crore. The issue is entirely a fresh issue of 1.32 crore shares. The Delhi-based wire and cable manufacturer has fixed the price band at ₹51 to ₹54 per equity share for the public issue. Investors can bid for a minimum of 277 shares and in multiples thereof.

Pantomath Capital Advisors Pvt Ltd is the book running lead manager of the Plaza Wires IPO, while Kfin Technologies Limited is the registrar for the issue. Sanjay Gupta and Sonia Gupta are the company's promoters.

The allotment for the Plaza Wires IPO is expected to be finalized on Monday, October 9, 2023. Plaza Wires shares will list on stock exchanges BSE, NSE with tentative listing date fixed as Thursday, October 12, 2023.

Also Read: Plaza Wires IPO: Know price band, subscription date, other details

The company intends to utilize the net proceeds from the issue towards the funding the capital expenditure towards setting up a new manufacturing unit for house wires, fire-resistant wires, cables, aluminum cables, and solar cables to expand the product portfolio. It will also direct its funding towards the working capital requirements of the company, and for general corporate purposes.

Plaza Wires was originally incorporated as Navratna Wires. The company's key products in the wires and cables segment include house wires, single and multicore round flexible industrial cables and industrial cables for submersible pumps and motors.

The company also provides other wires and cable products such as LT power control cables, TV dish antenna co-axial cables, telephone and switchboard industrial cables, computer and LAN networking cables, close circuit television cables and solar cables, among others.