Polycab India IPO Subscribed 71% On Day 1

Aarthik News

April 6, 2019, 12:42 p.m.

New Dilli, India, April 6 . Polycab India’s IPO or initial public offer, which opened for subscription on Friday, was subscribed more than 71 per cent on the first day of issue. The Polycab IPO worth up to Rs.1,346 crore comprises a fresh issue of Rs. 400 crore and an offer for sale (OFS) of up to Rs. 946 crore by its promoters.

Polycab India is offering more than 17.63 crore shares under the offer for sale. The company aims to utilise the proceeds towards repayment of debt, working capital requirements and general corporate purposes.

five things to know about the Polycab IPO:

1. At the end of the first day, the Polycab India IPO received around 1.26 crore bids, marking a 71.4 per cent subscription, according to data available with the NSE till 5:30 pm.

2. A price band of Rs. 533-538 apiece has been set for the Polycab IPO.

3. On Friday, the Polycab IPO received a total of 20.07 lakh bids at the cut-off price. Subscription at cut-off price means that investors agree to purchase the shares at the offer price as determined the end of the book-building process.

4. Shares under the Polycab IPO can be subscribed in the lots of 27 units. This means that investors can subscribe to the IPO at a minimum of Rs. 14,391-14,526.

5. Mumbai-based Polycab India is engaged in the business of manufacturing and selling of wires, cables and other electrical goods. NDTV