Polycab India makes stellar debut, ends at 21% premium over issue price

The oversubscription for Polycab's IPO was also the highest since HDFC AMC's Rs 2,800-crore offering last year

Shares of Polycab India, a leading manufacturer of electric wires and cables, ended 21 per cent higher over its issue price during its stock market debut on Tuesday. The stock ended at Rs 653, compared to the initial public offering (IPO) price of Rs 538 per share. The stock touched a high of Rs 668 and a low of Rs 630 on the National Stock Exchange, with nearly Rs 1,500 crore worth of shares changing hands.

This was the best listing-day performance for a company since HDFC Asset Manage­ment Company’s (AMC’s) stock market debut in August 2018. Shares of the