The initial public offering (IPO) of Plaza Wires, managed by Pantomath Capital Advisors Pvt Ltd and Kfin Technologies as registrar, is scheduled to launch today, Friday. The IPO is set to raise Rs 71.28 crore (Rs 1 crore = $120,252) at a price band of Rs 51-54 ($1 = Rs 83.1) per share.
The company has already attracted significant pre-IPO investment. Anchor investors Chanakya Opportunities Fund-I and Astrone Capital UCC-Arven have invested Rs 20 crore in the lead-up to the IPO. The funds raised from the IPO will be used to expand the Plaza Cables, Action Wires, and PCG product lines from their Baddi unit.
The decision to go public comes on the back of a strong financial performance by Plaza Wires. In March 2023, the company reported a net profit increase of 26% to Rs 7.51 crore. However, potential risks for investors include regional concentration and competition in the market.
Promoters Sanjay Gupta and Sonia Gupta are leading the charge on this financial venture. Following the IPO, shares are expected to list on October 13.
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