Strong debuts for Plaza Wires Limited’s IPO on the BSE and NSE

The Initial Public Offering (IPO) of Plaza Wires Limited had a strong start on Thursday on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Plaza Wires’ share price was listed at 80.23 rupees on the NSE, a significant rise of 48.5% from the initial offering price of 54. Plaza Wires’ initial share price on the BSE was 80.2 rupees.

Plaza Wires Limited’s equity shares were to be listed and allowed to trade on the Exchange in the ‘T’ Group of Securities, effective from Thursday, according to an official announcement from BSE.

The listing process began with a special pre-open session on the BSE and NSE, and at 10:00 am Plaza Wires shares were available for normal trading. For the next ten trading days, the stock will stay in the Trade-for-Trade section.

Plaza Wires ICO Information

Plaza Wires’ initial public offering (IPO), which was priced at 71.28 crores, was limited to a new issuance of 13,200,158 equity shares and did not include an offer for sale (OFS).

According to the company’s intentions for the net revenues from the offering, which include financing capital costs for a new production site, they will go toward these costs. The money will also be used for general business reasons and to cover the company’s working capital needs.

Highlights of Plaza Wires’ IPO Subscription

The subscription period for the Plaza Wires initial public offering (IPO) opened on September 29 and ended on October 5. The projected initial public offering’s price range was established by the firm at between 51 and 54 euros per equity share. Investors made several bids in increments of 277 equity shares, with a minimum bid amount of 277 equity shares.

The initial public offering (IPO) was oversubscribed 4.73 times on day one, 27.90 times on day two, and an astounding 62.75 times on day three.