The company’s Rs 1345 cr. IPO had got an overwhelming response and was subscribed 52 times.
April 17, 2019
Polycab India shares made a strong stock market debut, ended at Rs 655, a 22 percent higher against its issue price of Rs 538 per share on the BSE.
The stock of wires and cables manufacture opened at Rs 633, up 18 percent against issue price on the BSE. It touched high of Rs 668 and a low of Rs 630 on the National Stock Exchange (NSE) in intra-day trade.
The reserved portion for a non-institutional investor has been subscribed 110 times and qualified institutional investors by 92 times, while retail investors part is subscribed 4.65 times, data shows.
The IPO includes a fresh issue of equity shares of up to Rs 400 cr. and offers for sale by promoter group & investors of up to 17.6 million equity shares. The net proceeds from the fresh issue would be utilized in funding the working capital requirements of the company to the tune of Rs 240 cr. An allocation of Rs 80 cr. will be made towards repayment of certain borrowings availed by the company and rest for general corporate purposes.
