The initial public offer (IPO) of Plaza Wires was subscribed a strong 43.22 times so far on the third day of the bidding process on Wednesday. This was led by massive subscription from retail investors at 175.69 times.
At 11.20 a.m., the public issue was subscribed 1 time, while the category reserved for retail investors garnered a whopping 6.64 times bids. The portion for NII was subscribed 37%. There were no bids from qualified institutional buyers so far.
Plaza Wires IPO opens for subscription today, offering wires, cables, and electrical goods under various brands. The company plans to use the funds for expansion and working capital. The IPO price band is set at ₹51 to ₹54 per share.