Shares of Plaza Wires made a strong debut on the BSE and NSE, with a premium of 55.5% and 40.7%, respectively over the issue price. The IPO was oversubscribed 161 times, which can be attributed to the company s impressive growth and competitive strengths. Plaza Wires is engaged in manufacturing and selling wires, LT aluminium cables, and electrical goods. The proceeds from the IPO will be used for expanding the product portfolio and funding working capital requirements.
The IPO of Plaza Wires open for bidding between September 29 and October 5. The company offered its shares in the price band of Rs 51-54 per share with a lot size of 277 shares.
The grey market premium (GMP) of Plaza Wires has doubled after solid bidding. The counter was commanding a premium of Rs 23-25 apiece, hinting at prospects of 43-50 per cent listing pop.