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Polycab India surges on debut

Capital Market 

Shares of Polycab were trading at Rs 655 at 10:51 IST on BSE, a premium of 21.75% over the initial public offer price of Rs 538.

Meanwhile, the S&P BSE Sensex was up 357.05 points, or 0.92% to 39,262.89

Shares of Polycab debuted at Rs 633 on BSE, a premium of 17.65% to the initial public offer (IPO) price of Rs 538. So far the stock hit a high of Rs 660 and low of Rs 633. On BSE, so far 13.86 lakh shares were traded on the counter.

The initial public offer (IPO) of Polycab received bids for 91.64 crore shares, as per the National Stock Exchange of India (NSE) data. The issue was subscribed 51.96 times. The issue opened for subscription on 5 April 2019 and closed on 9 April 2019. The price band for the issue was Rs 533 to Rs 538 per share.

The qualified institutional buyers (QIBs) category was subscribed 92.44 times. The non-institutional investors category was subscribed 110.42 times. The (RIIs) category was subscribed 4.65 times.

Ahead of the opening of the IPO, the board of directors of the company at its meeting held on 4 April 2019, finalised allocation of 74.54 lakh equity shares to anchor investors at Rs 538 per share.

On a consolidated basis, reported net profit of Rs 357.41 crore on net sales of Rs 5506.70 crore in nine-months ended December 2018.

is engaged in the business of and selling wires and cables and fast moving electrical goods (FMEG) under the Polycab brand. The company manufacture and sells diverse range of wires and cables and some of the key products in the wires and cables segment are power cables, control cables, instrumentation cables, solar cables, building wires, flexible cables, flexible/single multi core cables, communication cables and others including welding cables, submersible flat and round cables, rubber cables, overhead conductors, railway signalling cables, specialty cables and green wires.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 16 2019. 10:54 IST