BackPlaza Wires IPO: What does the latest GMP signal ahead of listing; check key details
Plaza Wires IPO allotment finalised on Oct 10. Refund process begins for individuals not given shares. Plaza Wires IPO listing scheduled for October 12.
PremiumPlaza Wires IPO allotment was finalised on Tuesday, October 10. Investors can find out if and how many shares they have been given through the basis of allotment. The initiation of the refund process has began today (Wednesday, October 11), for individuals not given shares.
Plaza Wires IPO listing date has been scheduled for Thursday, October 12 on NSE and BSE.
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Plaza Wires IPO opened for subscription on Friday, September 29, and closed on Thursday, October 5. The Plaza Wires IPO received a fantastic reaction from investors on all four days. The company fixed the price band at ₹51 to ₹54 per equity share for the proposed initial public offer. Bids were made for a minimum of 277 equity shares and in multiples of 277 equity shares thereafter.
On the fourth day of bidding, the public issue has been subscribed 160.97 times whereas its retail portion has been subscribed 374.81 times.
Plaza Wires IPO was subscribed 4.73 times on day 1. Plaza Wires IPO subscription status on day 2 was 27.90 times. On day 3, Plaza Wires IPO subscription status was 62.75 times.
Let's check what does Plaza Wires IPO GMP today signal ahead of listing.
Plaza Wires IPO GMP today
Plaza Wires IPO GMP today or grey market premium is +23, similar to previous eight sessions. This indicates Plaza Wires share price were trading at a premium of ₹23 in the grey market on Wednesday, according to investorgain.com
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Plaza Wires share price was indicated at ₹77 apiece, which is 42.59% higher than the IPO price of ₹54.
On last 18 sessions grey market activities, today IPO GMP trending upward and expects a strong listing. The lowest GMP is ₹0, while the highest GMP is ₹24.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Also Read: Plaza Wires IPO: Latest GMP, subscription status, other details. Apply or not?
Plaza Wires IPO details
Plaza Wires IPO, which is worth ₹71.28 crores, is completely a fresh issue of 13,200,158 equity share; there is no offer for sale (OFS) component.
The company plans to use the net proceeds from the offering to pay for the following items, including funding the capital expense for opening a new manufacturing facility to produce house wires, fire-resistant wires and cables, aluminium cables and solar cables to broaden the product line, funding the company's working capital needs and general corporate purposes.
Plaza Wires IPO's book-running lead manager is Pantomath Capital Advisors Pvt Ltd, while the issue's registrar is Kfin Technologies Limited.
According to RHP, For the fiscal 2023, 2022 and 2021, the aggregate revenue from operations from these states were ₹1,382.27 million, ₹1,388.28 million and ₹1,180.55 million, respectively.
Also Read: Plaza Wires IPO: Know price band, subscription date, other details
As per the RHP, listed peers of Plaza Wires IPO are Cords Cable Industries Ltd (P/E of 16.65), Ultracab (India) Ltd (P/E of 24.18), V-Marc India Ltd (P/E of 25.55), Dynamic Cables Ltd (P/E of 32.22), and Paramount Communications Ltd (P/E of 23.75).
Plaza Wires IPO reserved not less than 75% of the shares in the public issue for Qualified Institutional Buyers (QIB), not more than 15% for Non Institutional Investors (NII), and not more than 10% of the offer is reserved for Retail Investors.
Also Read: Plaza Wires IPO: Firm mobilises ₹20 crore from anchor investors ahead of issue
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