Plaza Wires share hit upper circuit for 8th session to turn multibagger since debut

Shares of Plaza Wires hit an upper circuit on Monday, making the eighth straight session since listing of achieving this feat. The stock has turned multibagger from its issue price and has delivered handsome returns even from its listing price on previous Thursday, October 12.

Shares of Plaza Wires Ltd were locked in the buyers circuit on Monday at a price of Rs 112.86 apiece, with a total market capitalization of close to Rs 500 crore. The script had settled at Rs 107.49 in the previous trading session on Friday. The stock has surged 110 per cent from its issue price of Rs 54.

Plaza Wires was listed at a premium of 56 per cent to Rs 84 on BSE, while the stock debuted at a premium of 41 per cent on the NSE on October 12. But the stock dropped to Rs 75 on the listing day and has surged about 50 per cent from its post-listing lows on the bourses. Plaza Wires is the latest mainboard debutant of Dalal Street.

Plaza Wires was listed in the 'T' category of 'Trade-to-trade' segment, which means that the stock will have a circuit filter of 5 per cent for initial 10 sessions, while intra-day trading is prohibited in the counter during the period. The limited movement in the stock restricted arbitrage opportunities in the counter.

The initial public offering (IPO) of Plaza Wires was open for bidding between September 29 and October 5. The company raised a little more than Rs 71 crore via its primary markets by selling its shares in the range of Rs 51-54 apiece. The IPO was overall subscribed 160.97 times during the four-day bidding process.
 

Incorporated in 2006, Plaza Wires is engaged in the business of manufacturing and selling wires, and selling and marketing LT aluminium cables and fast-moving electrical goods (FMEG) under its flagship brand 'Plaza Cables' and various other home brands.

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