Plaza Wires sets price band of Rs 51-54 a share for Rs 71.3-crore IPO

The initial public offering (IPO) for Plaza Wires Ltd., situated in Delhi, will have a total value of Rs 71.30 crore and will begin accepting subscriptions on September 29. Each share would be priced between Rs 51 and Rs 54.

The offer is completely untested territory at this point. The initial public offering will end on October 4, and the section for anchor investors will begin on September 27. Anchor investors are institutional investors that are encouraged to subscribe for shares in a company prior to the opening of an initial public offering (IPO) in order to bolster investor confidence.

Under brand names such as Plaza Cables, Action Wires, and PCG, this corporation is in the business of manufacturing and selling wires, LT aluminum cables, and FMEG products. It operates a facility in Baddi, Himachal Pradesh, which has the potential to produce 1,200,000 coils every year.

According to the offer document, the money that is raised will be used to construct a new factory that will produce house wires, fire-resistant wires and cables, aluminum cables, and solar cables. This will allow the company to extend its product portfolio while also satisfying its operating requirements.

The company purchased 7,902 square meters of land in Himachal Pradesh during the fiscal year 21 for the purpose of constructing a new factory, which will increase annual capacity by 837,000 coils and 8,700 kilometers.

The company has 1,108 authorized representatives that are responsible for the distribution and sales of its products. It is engaged in the business of wholesale distribution of industrial equipment and faces competition from well-established firms such as Finolex Cables Ltd, KEI Industries Ltd, Havells India Ltd, KEC International Ltd, R R Kabel Ltd, V-Guard Industries Ltd, and Polycab India Limited.

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As of the end of the year 2021, the company had accumulated a net profit of 5.74 crore rupees while reporting revenue of 126.69 crore rupees. As of the current date, the company had a total net debt of Rs 40.65 crore.

The offering is being managed by Pantomath Capital Advisors Private Limited in their capacity as the book running manager, while Kfin Technologies Limited is serving in that capacity as the offer's registrar.

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