Plaza Wires IPO allotment status, latest GMP, listing date & more

Plaza Wires is likely to finalise the basis allotment for its recently concluded initial public offer (IPO) on Tuesday. The issue by the Delhi-based cable wire and FMEG manufacturer received a solid investor response, subscribing 160.97 times. The company chose T+6 listing format.

Plaza Wires sold its IPO in the price band of Rs 51-54 per share with a lot size of 277 equity shares. The issue ran from September 29 to October 5. The IPO mopped up a little more than Rs 71 crore via IPO route by selling a total of 13,200,158 fresh equity shares.

The portion for qualified institutional bidders (QIBs) was booked 42.84 times while the quota reserved for non-institutional investors saw a robust 388.09 times bidding. The portion reserved for retail investors was subscribed 374.81 times during the four-day bidding process.

The grey market premium (GMP) of Plaza Wires has about doubled. Last heard, the unlisted stock was commanding a GMP of Rs 23-25 apiece, suggesting a potential for 43-50 per cent listing pop. The premium in the unofficial market stood around Rs 12-15 on the last day of September.

Plaza Wires manufactures wires and cables. The company sells and markets LT aluminium cables and fast-moving electrical goods (FMEG). It has a network of more than 1,249 authorised dealers and distributors. Plaza Wires has branch offices in Rajasthan, Uttarakhand, and Uttar Pradesh; and warehouses in Uttar Pradesh, Assam, Kerala and Delhi.

Brokerage firms were mixed on the issue. Some of them suggested subscribing to the issue citing its strong product portfolio, distribution network and experienced management. However, others suggest to skip the issue due to volatility in the raw material prices and highly competitive nature of the business.

The issue was managed by Pantomath Capital Advisors while Kfin Technologies India is the registrar to the issue. Shares of the company are said to be listed on the bourses, both BSE and NSE on. October 12, Thursday is the tentative date for the listing.

Investors who bade for the issue can check the allotment status on the BSE website:
1. Under the issue type select equity.
2. Select Plaza Wires Limited in the dropbox
3. Type-in the application number, and add the PAN card number.
4. Before hitting submit, check-in to 'I am not a Robot' tab.

Allotment status can also be checked on the online portal of Kfin Technologies, the registrar to the issue.
1) Visit the web portal of KFin Technologies Ltd.
2) Select the Plaza Wires IPO in dropbox.
3) One may be required to select one out of Application number, Demat Account number, or PAN ID
4) Enter the details of the mode chosen in the second step.
5) Fill the captcha accurately, before hitting the submit button.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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