Shares of cables manufacturer Plaza Wires on Thursday made a stellar debut in the equity market, listing with a premium of 53 per cent against the issue price of Rs 54. The stock made its debut at Rs 84, rallying 53.06 per cent from the issue price on the BSE.
On the NSE, it began the trade at a premium of 40.74 per cent at Rs 76. Later, it jumped further by 5.53 per cent to Rs 80.20 apiece. The company's market valuation stood at Rs 351.02 crore on the BSE. The initial public offering (IPO) of Plaza Wires was subscribed a whopping 160.98 times, helped by a huge demand from institutional and retail investors.
The IPO had a price range of Rs 51-54 per share. The company is in the business of manufacturing, marketing and selling wires, aluminium cables and fast-moving electrical goods like electric fans and water heaters.
(PTI)
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