Only buyers: After an electrifying debut, this newly listed micro-cap company delivered 100 per cent return in just 7 trading sessions!
Particularly noteworthy was the overwhelming subscription response from the retail category, with a subscription rate of 375 times, and the NII category at 388 times.
Indian benchmark indices have extended their ongoing descent, echoing the global market's downturn, and have experienced a decline of more than 1 per cent in the past five trading sessions. Meanwhile, Plaza Wires Ltd, a newly listed company specializing in electrical cables, has garnered strong attention from investors due to its uninterrupted robust uptrend.
Plaza Wires Ltd made an impressive debut on the bourses with a substantial listing premium of 48 per cent over its IPO issue price of Rs 54 per share. Since its listing, shares of the company have been met with enthusiastic investor interest, consistently hitting the upper circuit. On Friday, this trend persisted as the shares were locked in a 5 per cent upper circuit at a price of Rs 107.49 per share on the BSE. In just seven trading sessions, investors have witnessed an exceptional feat, with the stock delivering an outstanding nearly 100 per cent return over its IPO issue price.
The Plaza Wires IPO witnessed a remarkable level of investor optimism, garnering subscriptions that were 160 times the offering size on the final day. Particularly noteworthy was the overwhelming response from the retail category, with a subscription rate of 375 times, and the NII category at 388 times.
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Over the past 35 years, the company has made remarkable progress in becoming a leading force in the cable and wire industry. The company now boasts an extensive and diverse portfolio of cable products designed to cater to various requirements within the power generation sector. Additionally, it has expanded its horizons by entering the realm of solar technology, venturing into the fields of solar lighting systems and solar water heating systems.
Disclaimer: The article is for informational purposes only and not investment advice.