Polycab India IPO Sees Huge Demand, Issue Subscribed Over 50 Times

Polycab India's IPO or initial public offer, which opened for subscription on Friday, was subscribed more than 50 times on the last day of subscription today. The Polycab IPO worth up to Rs. 1,346 crore comprises of 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 a total of 2.51 crore shares, including 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. (Also read: Should you subscribe to Polycab India IPO?)

Here are five things to know about the Polycab IPO:

1. On the final day of issue, the Polycab India IPO received around 91.5 crore bids for its shares compared with 1.76 crore shares on the offer, according to data available with the NSE. That marked a subscription of 51.89 times for its shares.

2. The Polycab IPO received over 3.37 crore bids at the cut-off price at the time. 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.

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

4. Shares under the Polycab IPO were available in lot sizes of 27 shares. That meant investors could subscribe to the shares in 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.