The initial public offering of wires and cables manufacturer Polycab India Ltd was subscribed 51.65 times so far on the final day of bidding Tuesday.
The Rs 1,345-crore initial public offering (IPO) received bids for over 91 crore shares against the total issue size of more than 1.76 crore shares, as per the NSE's data.
Till Monday, the IPO of Polycab India was subscribed 1.94 times. In fact, this is the first Indian IPO to see a subscription of more than 10 times in 2019.
The IPO comprises of fresh issue of up to Rs 400 crore and offer for sale of up to 1,75,82,000 equity shares, including anchor portion of 74,54,119 equity shares.
Polycab had raised Rs 401 crore from anchor investors on Thursday. Price range for the offer has been fixed at Rs 533-538 per share.
Indian firms are returning to equity markets to raise funds, but analysts expect the primary market for equity issues to only gather pace after the national election results next month.
Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, Citigroup Global Markets India Private Ltd, Edelweiss Financial Services Ltd, IIFL Holdings Ltd and YES Securities (India) Ltd are managing the offer.
First Published: Apr 9, 2019 7:56 PM IST
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