New Delhi, May 3 (PTI) Plaza Wires Ltd has filed initial papers with Sebi to raise funds through an initial public offering.
The IPO (Initial Public Offering) will have a fresh issue of 1,64,52,000 equity shares, according to the Draft Red Herring Prospectus (DRHP).
The company may consider a pre-IPO placement of equity shares. If such a pre-IPO placement is undertaken, the fresh issue size will be reduced.
The firm intends to utilise the net proceeds towards funding the capital expenditure for setting up of a new manufacturing unit for house wires, aluminium cables and solar cables to expand its product portfolio.
Further, it plans to use the proceeds towards working capital requirements of the company, and general corporate purposes.
The Delhi-based company is into the business of manufacturing, marketing and selling of wires, aluminium cables and fast moving electrical goods.
It had a profit of Rs 4.37 crore in FY21 while revenue from operations stood at Rs 145.38 crore during the same period.
Pantomath Capital Advisors Private Limited is the sole book running lead manager to the issue. PTI HG RAM
