Strong start: Plaza Wires lists at 56% premium to IPO price

The company raised Rs 71.28 crore via public issue to be used mainly for setting up a new unit for house wires, fire-resistant wires and cables, aluminium cables and solar cables to expand the product portfolio.

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In line with strong subscription numbers, Plaza Wires made a big bang debut on the bourses on October 12 at 55.56 percent premium to issue price on the BSE. The stock started trading at Rs 84 on the BSE, against the issue price of Rs 54. On the NSE, the listing premium was slightly lower at 40.74 percent at Rs 76.

The initial public offering was subscribed 161 times during September 29-October 5. Retail investors bid 374.81 times the allotted quota, qualified institutional investors 42.84 times, and high networth individuals 388.09 times.

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Plaza Wires manufactures and sells wires, LT aluminium cables, and FMEG products under brands such as Plaza Cables, Action Wires, and PCG.

The company raised Rs 71.28 crore via public issue to be used mainly for setting up a new unit for house wires, fire-resistant wires and cables, aluminium cables, and solar cables to expand the product portfolio.

Plaza Wires’ net profit rose 26 percent to Rs 7.51 crore for the year ended March 2023 from Rs 5.95 crore a year ago. Revenue from operations grew 3.2 percent to Rs 182.4 crore from Rs 176.7 crore in this period.

Brokerage concerns

The comparable peers in the listed space for Plaza Wires competes are Cords Cable Industries, V-Marc India, Dynamic Cables, and Paramount Communications.

While analysts are positive on the company’s growth prospects, Plaza Wires generates a significant portion of sales from its operations in certain geographical regions, which is a key risk.

The other concern is the industry segment in which the business operates is highly fragmented and faces competition from large players.

Plaza Wires generates a significant portion of sales from its operations in certain geographical regions and any adverse developments in these regions could affect its revenue, according to Stoxbox. The other concern is the industry segment in which the business operates is highly fragmented and faces competition from large players that may affect its business operations and financial conditions.