Plaza Wires double IPO allottees’ money in seven post-listing sessions

Starting as a fledgling organization 35 years ago, R.K. Cable, now known as PLAZA Wires, has made remarkable progress in establishing itself as a major player in the cable and wires industry. Right from its inception, Plaza has been committed to setting high standards for quality and safety across its product range. Plaza Wires is equipped with cutting-edge manufacturing and testing equipment, ensuring the quality and safety of its products. With power cables having a direct relationship with power generation, it offered a natural growth path. Consequently, the company offers a comprehensive range of cable products to meet various power generation needs. This includes LT Power and Control Cable with PVC insulation, XLPE Insulated Power Cables, Railway Signaling Cables, Mining Cables, Aerial Bunched Cables, and Medium Voltage XLPE Insulated Cables. Plaza Wires has also diversified into the field of solar lighting systems and solar water heating systems, both of which have received approval from MNRE/SEC.

Plaza Wires IPO allotment

Plaza Wires had an impressive debut on Dalal Street when its public issue was listed on the Indian stock market exchanges on October 12, 2023, with a premium of approximately 55%. The Plaza Wires IPO was initially launched at a price range of ₹51 to ₹54 per equity share. The shares of Plaza Wires began trading on the BSE at ₹84 per share and on the NSE at ₹76 per share.

This strong performance continued, with Plaza Wires shares hitting the upper circuit on the listing date and maintaining this upper circuit for the subsequent six sessions. As the stock consistently reached new highs, Plaza Wires shares closed at ₹107.35 per share on the last trading day of the week, nearly double the upper price band of the Plaza Wires IPO. This makes Plaza Wires IPO one of the standout multi-bagger IPOs in the Indian stock market in 2023. The Plaza Wires IPO was open for bidding from September 29, 2023, to October 5, 2023. Following a strong response from investors, Plaza Wires shares were listed on both the BSE and NSE on October 12, 2023. On the listing date, the shares of Plaza Wires opened with a substantial 55% premium and continued to be locked in the upper circuit for all seven sessions after the listing.

Plaza Wires shares currently have a market capitalization of approximately ₹470 crore. On the last trading day, these shares registered a trading volume of 6,03,380 on the NSE. Notably, Plaza Wires is listed for trading on both the NSE and BSE. The stock’s 52-week high is ₹107.35 per share, which also represents its all-time high. In contrast, the 52-week low for Plaza Wires is ₹54 per share, matching the upper price band of the Plaza Wires IPO. The initial public offering of Plaza Wires Limited was launched at a price band of ₹51 to ₹54 per equity share.