Plaza Wires, previously known as Navratna Wires, has announced the price range for its upcoming initial public offering (IPO) that will run from Friday to Wednesday, October 4. The shares are priced between INR 51-54 each, with Pantomath Capital Advisors and Kfin Technologies managing the offering. Chanakya Opportunities Fund I and Astrone Capital UCC-Arven have been named as anchor investors.
The company plans to use the proceeds from the IPO to fund a new manufacturing unit, meet working capital requirements, and for general corporate purposes. This move comes after Plaza Wires reported a net profit of INR 7.51 crore and revenue of INR 182.60 crore in FY2023.
Despite the industry’s volatility leading StoxBox to give an ‘avoid’ rating, shares have been reserved for Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) for listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
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