Plaza Wires Limited’s Initial Public Offering to open on Friday, September 29, 2023

by Priya Jadhav

sets price band at ₹51 to ₹54 per Equity Share

 Price Band of ₹51 – ₹54 per equity share bearing face value of ₹10 each (“Equity Shares”)

Bid/Offer Opening Date – Friday, September 29, 2023 and Bid/Offer Closing Date – Wednesday, October 4, 2023.

Minimum Bid Lot is 277 Equity Shares and in multiples of 277 Equity Shares thereafter.

The Floor Price is 5.1 times the face value of the Equity Share and the Cap Price is 5.4 times the face value of the Equity Share.

Mumbai, September 26, 2023: Delhi-based Plaza Wires Limited is engaged in the business of manufacturing and selling of wires, and selling and marketing of LT aluminium cables and fast-moving electrical goods (“FMEG”), has fixed the price band at ₹51 to ₹54 per Equity Share for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, September 29, 2023, for subscription and close on Wednesday, October 4, 2023. Investors can bid for a minimum of 277 Equity Shares and in multiples of 277 Equity Shares thereafter. The Public Issue of face value of ₹10 per Equity Share is entirely a fresh issue of equity shares up to 1,32,00,158 with no offer for sale component.

The company's product mix includes various types of wires and cables, as well as 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 DRHP, 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, under its flagship brand “PLAZA CABLES” and home brands such as “Action Wires” and “PCG”.

Plaza wires 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'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 Pantomath Capital Advisors Private Limited is the sole book running lead managers and KFin Technologies Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.