Plaza Wires files DRHP with SEBI for IPO
Plaza Wires has filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The IPO will have a fresh issue of 1,64,52,000 equity shares.
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. Pantomath Capital Advisors is the sole book running lead manager to the issue.
Plaza Wires is into the business of manufacturing, marketing and selling of wires, aluminium cables and fast moving electrical goods.
