Polycab India makes strong market debut, lists at 18% premium

From The Web - India
NEW DELHI: Wires and cables manufacturer Polycab India Ltd made a strong debut on the exchanges with the stock listing on BSE at Rs 633, up 17.66 per cent over the issue price of Rs 538 per share.

At 10:24 am, the shares of the company were trading 21.76 per cent up at Rs 655.05 on the BSE index.

Last week, the initial public offering (IPO) of Polycab India was subscribed 51.65 times on the final day of bidding on Tuesday. The public offer was opened for subscription during April 5-9 with a price band of Rs 533 to Rs 538.

The Rs 1,345 crore IPO received bids for over 91 crore shares against the total issue size of more than 1.76 crore shares.
Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, Citigroup Global Markets India Private Ltd, Edelweiss Financial Services Ltd, IIFL Holdings Ltd and YES Securities (India) Ltd have managed the offer.
The company manufactures and sells a diverse range of wires and cables and its key products in the wires and cables segment are power cables, control cables, instrumentation cables, solar cables, building wires and flexible cables.
(With PTI inputs)

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NEW DELHI: Wires and cables manufacturer Polycab India Ltd made a strong debut on the exchanges...

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