Wire and cable maker Polycab India files IPO papers with Sebi

Wire and cable maker Polycab India has filed draft papers with markets regulator Sebi to float an initial public offering.
 

The company’s IPO comprises fresh issuance of shares worth ~5 billion, besides an offer for sale of 24.9 million shares by promoters and existing shareholder International Finance Corp (IFC), according to a draft red herring prospectus (DRHP) filed with Sebi on Tuesday.
 

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. 
 

Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, IIFL Holdings and YES Securities will manage the share sale.