Plaza Wires IPO gets 161x subscription
RIIs attracted a huge 374.81 times subscription; This is the highest ever subscription in the retail category
New Delhi: The Initial Public Offering (IPO) of Plaza Wires was subscribed a whopping 160.98 times on the final day of subscription on Thursday, helped by a huge demand from institutional and retail investors.
The Rs71.28 crore-initial share sale received bids for 1,52,86,56,909 shares against 94,96,114 shares on offer, as per NSE data. The category for non-institutional investors was subscribed a remarkable 388.09 times, while the portion for Retail Individual Investors (RIIs) attracted a huge 374.81 times subscription. This is the highest ever subscription in the retail category by the IPO.
The allotted quota for retail investors is 10 per cent of the IPO size. The Qualified Institutional Buyers (QIBs) part got subscribed 42.84 times. The offer was a fresh issue of up to 1,32,00,158 equity shares.
The price range for the offer was Rs 51-54 a share. The company is in the business of manufacturing, marketing and selling wires, aluminium cables and fast-moving electrical goods like electric fans and water heaters. Plaza Wires has raised Rs 20 crore from anchor investors. Pantomath Capital Advisors was the manager to the offer. The equity shares of the company are proposed to be listed on the BSE and NSE.
