Plaza Wires IPO subscribed 4.68 times on Day 1 of offer

The Initial Public Offering (IPO) of Plaza Wires was fully subscribed on day one of bidding on Friday and closed the day with a 4.68 times subscription.

The IPO received bids for 4,44,05,316 shares against 94,96,114 shares on offer, as per data available with the NSE.

The part allotted for retail individual investors (RIIs) was subscribed 26.49 times, while the category for non-institutional investors received 4.76 times subscription.

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.

The offer is a fresh issue of up to 1,32,00,158 equity shares and has a price range of Rs 51-54 a share.

Plaza Wires has raised Rs 20 crore from anchor investors. Pantomath Capital Advisors is the manager to the offer.

The equity shares are proposed to be listed on the BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)