Polycab India Ltd, the International Finance Corp-backed maker of wires and cable and consumer electrical goods, has filed the draft papers for its Initial Public Offering (IPO).
October 31, 2018
Polycab India has filed draft papers with markets regulator SEBI to float an initial public offering.
The proposed IPO will comprise of a fresh capital raise of Rs. 500 crore, while IFC and promoters of the company are looking to sell 24.88 million shares through an offer for sale, according to a draft red herring prospectus (DRHP) filed with SEBI.
IFC will sell 10.6 million shares through the offer for sale (OFS) route.
Proceeds of the issue will be used for scheduled repayment of certain borrowings availed by the company, to fund incremental working capital requirements of the firm, and for general corporate purposes.
Investment banks Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, IIFL Holdings and YES Securities will manage the share sale.