Plaza Wires IPO Managed by Pantomath Capital Advisors Sees Record-Breaking Subscription

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Plaza Wires IPO Managed by Pantomath Capital Advisors Sees Record-Breaking Subscription
Credit: © Reuters.

Plaza Wires Limited, an electrical goods and wire manufacturer, has witnessed strong investor interest in its Initial Public Offering (IPO), which was managed by Pantomath Capital Advisors Private Limited. The IPO was oversubscribed 160.98 times, with non-institutional investors leading the charge at a subscription rate of 388.10 times. Retail investors and Qualified Institutional Buyers also demonstrated significant interest.

The shares were offered at a price band of ₹51-54 through the company's network of 1249 authorized representatives. Competing with industry peers such as Cords Cable Industries Limited, Ultracab (India) Limited, V-marc India Limited, Dynamic Cables Limited, and Paramount Communications Limited, Plaza Wires' IPO has attracted attention possibly due to the strong secondary market performance of similar companies like RR Kabel and Polycab India.

The company plans to use the proceeds from the IPO for product expansion and to meet working capital needs. The shares are set to be listed on BSE and NSE.

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