Shares of Plaza Wires will list at the bourses today. The initial public offering saw the highest ever participation by retail investors in the country so far. The company has fixed the IPO price at Rs 54, at the upper end of the price band of Rs 51-54.

While the issue was subscribed 160.97 times on Thursday, the portion reserved for retail investors saw a whopping response of 374.81 times, beating the previous record set by Latentview Analytics and Paras Defence and Space Technologies. The ₹71.28-crore IPO also received a strong response from non-institutional investors, whose portion was subscribed 388.09 times, while the portion for qualified institutional buyers was bid 42.84 times.

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, said based on the latest grey market premium (GMP) of Rs 23, the expected listing price of Plaza Wires is around Rs 77 per share. This is a premium of 42.59 per cent to the IPO price band of Rs 51–54 per share.

Plaza Wires is a well-managed company, with a strong track record . It is expected to witness a good listing, with the stock likely to trade at a premium.

The entire offer from the New Delhi-based Plaza Wires is a fresh issue of up to 1.32 crore shares. The IPO price band is ₹51-54. Ahead of the issue, Plaza Wires raised ₹20 crore from anchor investors Chanakya Opportunities Fund I and Astrone Capital UCC-Arven.

The company is in the business of manufacturing, marketing, and selling wires, aluminium cables, and fast-moving electrical goods such as electric fans and water heaters.

Plaza Wires will use ₹24.41 crore from the proceeds to set up a new unit for house wires, fire-resistant wires and cables, aluminium cables, and solar cables. Besides, ₹22 crore will be utilised for working capital requirements, and the remaining for general corporate purposes.

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