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HomeINB EnglishPlaza Wires IPO makes a sensational debut of over 50% premium after...

Plaza Wires IPO makes a sensational debut of over 50% premium after being subscribed more than 160 times

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Shares of Plaza Wires made a strong debut by listing at over 50% premium on the exchange after the issue was subscribed more than 160 times.

The scrip listed Rs 84 per share on BSE and Rs 76 per share on NSE, at a premium of 55.56% and 40.74% respectively. The company’s share price closed at Rs 80.23 per share on the BSE, a 48.57% premium, and at Rs 80.20 per share on the NSE, a 48.52% premium.

As per NSE, the total quantity traded stood at 46.04 lakh shares, on BSE the total Quantity stood at 6.09 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 40.58 crore.

Mr. Sanjay Gupta, Chairman and Managing Director – Plaza Wires said “With immense gratitude, we extend our heartfelt thanks for your unwavering trust and support. Your belief in our vision and dedication fuels our commitment to excellence. As we embark on this new chapter, your investments are the foundation of our aspirations, propelling us towards a future of success and innovation. Together, we will achieve remarkable milestones, and your faith in us will forever be cherished.”

The Market Capitalization of the Company at today’s closing price stood at Rs. 351.02 Crore as per BSE and Rs. 350.89 Crore as per NSE.

Plaza Wires Ltd is engaged in the business of manufacturing and selling wires, and selling and marketing LT aluminium cables and fastmoving electrical goods (FMEG) under its flagship brand ‘Plaza Cables’ and home brands such as ‘Action Wires’.

The company’s product mix includes various types of wires and cables, and FMEG such as electric fans, water heaters, switches and switchgears, PVC insulated electrical tape, and PVC conduit pipe and accessories. In 2021, the company launched a line of house wire under the brand “Action Wires” for products in the low-cost range. According to a Resurgent India report quoted in its RHP, it is one of the fastest growing manufacturers in the wires and cables industry in northern region in India, and provides extensive range of wires and cables.

The company’s business model engages dealer and distribution network via 1249 authorized representatives to sell and market the company’s products, including sales through C&F agents, securing government bids for supply to government projects, and direct sales to infrastructure projects. It competes with listed peers which includes Cords Cable Industries Limited, Ultracab (India) Limited, V-marc India Limited, Dynamic Cables Limited, and Paramount Communications Limited.

It’s manufacturing facility in Baddi has an installed production capacity of 12,00,000 coils per annum. It has proposed to set up a manufacturing facility to add 8,37,000 coils per annum to manufacture new products such as fire proof/survival wires, LT aluminium cable and solar cables.

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