Plaza Wires' initial public offering (IPO) garnered an impressive subscription rate of 83.20 times, despite recent market volatility. The IPO took place on Thursday, with notable interest from retail investors, high-net-worth individuals (HNIs), and qualified institutional buyers (QIBs).
Retail investors led the bidding, subscribing 276.60 times their designated portion. HNIs followed closely with a 196.28 times subscription of their quota, while QIBs subscribed 5.87 times their share.
The company seeks to raise Rs 71.28 crore ($960 million) at a price band of Rs 51-54 per share. Ahead of the IPO, Plaza Wires secured Rs 20 crore from anchor investors Chanakya Opportunities Fund I and Astrone Capital UCC-Arven.
The funds raised from the IPO will be allocated towards several key areas within the company. A new unit costing Rs 24.41 crore is planned for product portfolio expansion. Additionally, Rs 22 crore will be set aside for working capital requirements and other general corporate purposes.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.