Small Cap Stock Gains 70% % Since Debut, Hits 10% Upper Circuit

Shares of small cap stock Plaza Wires have been maintaining an upward rally ever since it got listed and hitting consecutive upper circuits. Last trading price of Plaza Wires share on BSE is Rs 136.86 per share with intraday gain of 10% as on October 27, 2023. The stock has been hitting back-to-back upper circuit and 52-week high for last few days. Shares of Plaza Wires made their debut on the bourses on October 13 and raised nearly Rs 71.3 crore via the initial public offering (IPO).

Plaza Wires' IPO managed to get great response from investors as it was overall subscribed 160.97 times in its four-day bidding process. The initial public offer of the company remained open for bidding between September 29 and October 5.

It is worth mentioning that Plaza Wires was listed a premium of 56% to Rs 84 per share on the BSE and it made the debut on NSE at a premium of 41% on October 12.

The stock hit upper circuits for 10 straight sessions that led to a gain of nearly 70%. The stock hit a new all-time high of Rs 136.85 on BSE.

According to data available from Trendlyne, promoters hold 69.8% stake in Plaza Wires, foreign institutional investors hold 8.3% stake, and domestic institutional investors have 10.4% stake. Meanwhile, regular shareholders hold the remaining 11.5% stake in Plaza Wires.

Plaza Wires has a market capitalisation of Rs 598.79 crore. Plaza Wires shares rallied 62% in last 2-weeks and 27% in last 1-week on BSE. Plaza Wires shares gained nearly 70% since October 12 on NSE.

Plaza Wires was listed in 'T' category of 'Trade-to-Trade' segment implying the stock will see a circuit filter of 5% for the starting 10 sessions. Intra-day trading remains forbidden in the counter during this tenure.

Plaza Wires Ltd on October 25, 2023 informed BSE that the meeting of the Board of Directors of the company is scheduled to be held on Wednesday November 01, 2023 inter-alia, to consider and approve the unaudited financial results for the quarter ended on June 30, 2023 and other related matters thereto.