Plaza Wires IPO: Latest GMP, subscription status, other details. Apply or not?

Meanwhile, grey market is dropping strong signals despite weak sentiments on Indian stock market. According to market observers, shares of Plaza Wires Limited are available at a premium of ₹23 in grey market today.

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Plaza Wires IPO GMP today

Market observers said that Plaza Wires IPO grey market premium (GMP) today is ₹23, which is huge as market sentiments are highly bearish these days. Indian stock market has been under sell off stress for the last two days due to weak global cues. They said that strong response by investors is one of the possible reasons that has fuled grey market sentiment amid weak stock market.

Plaza Wires IPO subscription status

After two days of bidding, the public issue has been subscribed 62.57 times whereas its retail portion has been subscribed 224.95 times. The NII portion of the public offer has been subscribed 132.89 times whereas its QIB segemnt has been filled 5.79 times. So, the issue has been oversubscribed in all categories and one full day is still left to apply for the IPO.

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Plaza Wires IPO review

Giving ‘subscribe’ tag to Plaza Wires IPO, Asit C Mehta report says, “The electrical wires segment (largely housing) has witnessed a sharp transformation over the last several years. Involvement of customer in purchases of electrical has risen sharply. Electrical fault is one of the major causes of residential fires and its potential hazard is increasing as more electrical appliances are found in each household unit nowadays. With an increase in fire accidents caused by electrical faults, consumer preference towards branded manufacturers has been on the rise.”

“According to sources, the wires and cables industry in India, in value terms, has grown at a compound annual growth rate (“CAGR”) of approximately 13.68% in the last five years to reach ₹788.00 billion in Fiscal 2021. From some sources, wires and cables industry in India is expected to expand at a CAGR of approximately 14.50% in value terms to reach approximately ₹1550.00 billion by Fiscal 2026,” Asti C Mehta report added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Updated: 05 Oct 2023, 09:23 AM IST