The Plaza Wires IPO has kicked off on a high note, getting a whopping 4.73 times subscription on its very first day. Investors are excited as the subscription window remains open until October 4, offering shares at ₹51 to ₹54 each.
Subscription Update: A Quick Glance
Day one witnessed an overwhelming response, especially from retail investors who rushed to subscribe, oversubscribing by a staggering 26.85 times. Non-Institutional Investors (NII) showed a strong appetite too, subscribing 4.77 times. Qualified Institutional Buyers (QIBs) are yet to jump in.
Breaking Down the Numbers
The Plaza Wires IPO is an entirely fresh issue, comprising 13,200,158 equity shares, raising ₹71.28 crores. The fund allocation is exciting, earmarking funds for crucial purposes. A chunk will go into setting up a new manufacturing facility, expanding their product line to include house wires, fire-resistant wires, aluminium cables, and solar cables. Working capital and general corporate needs will also be catered to.
What's the Buzz with the Grey Market?
In the grey market, the IPO is enjoying a premium of ₹12, indicating strong demand. This points to an estimated listing price of ₹66, which is 22.22% higher than IPO price of ₹54. This 'grey market premium' reflects investor eagerness to pay more than the issue price.
As more people get interested in Plaza Wires IPO, they are excited to see how it goes. The IPO had a great start on the first day with lots of people showing interest and even a good price in the unofficial market. Plaza Wires IPO has certainly caught the eye of the market. Stay tuned for more such updates!