South Delhi wire manufacturer goes for Rs.71.29cr IPO
Plaza Wires Ltd proposed to utilize Rs.24.4 crore from the IPO proceeds towards setting up a manufacturing facility to add 837,000 coils per annum and manufacture new products such as fire-proof/survival wires, LT aluminium cables and solar cables.
Further, the South Delhi company plans to utilize Rs.22 crore from the public issue for working capital requirement and remaining for general corporate purposes.
This was announced in the Rs.71.28 crore from its IPO for which price has been fixed in a band of Rs.51-54 per equity share, Plaza Wires said on 25 Sept 2023.
The fresh issue of 1.32 crore equity shares will open for subscription on September 29 and closes on October 4.
Its products would include house wires, fire-resistant wires & cables, aluminum cables, solar cables.
Currently, the company has manufacturing facility at Baddi with an installed production capacity of 12,00,000 coils of standard size per annum.
The company’s shares shall be listed in the BSE & NSE. Pantomath Capital Advisors Pvt Ltd is the Lead Managers to the public issue and Kfin Technologies Ltd is the registrar.
Sanjay Gupta, Managing Director, Plaza Wires Ltd, said, “As a part of our growth strategy our focus is on increasing revenue through achieving operational efficiency, consistently delivering quality products and enhance goodwill in the market through product expansion and geographical outreach.
“We strongly believe that with the proposed public issue, we will be able to execute our growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality products.” Fiinews.com
