Polycab India IPO subscribed 71% on opening day

The Rs 1,345-crore IPO of Polycab India was subscribed 71 per cent on Friday, the first day of the issue. A day earlier, it had allotted shares worth Rs 400 crore to anchor investors at Rs 538 per share, the top-end of the IPO price band. At the issue price, Polycab will be valued at nearly Rs 8,000 crore. This is after accounting for the fresh issue of equity shares worth Rs 400 crore. The IPO comprises second share sale worth Rs 945 crore.