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Polycab India Makes Market Debut At 18pc Premium

Wires & cables manufacturer Polycab India made a stellar debut on exchanges today, listing with a premium of 17.66%at Rs 633 a share on NSE over its issue price of Rs 538 per share.

Polycab’s Rs1,345-crore public issue witnessed a subscription of 51.96 times. The IPO was open for subscription 5 – 9 April at a price band of Rs533 to 538 per share, including an offer for fresh issue of equity shares aggregating upto Rs400Crore and an offer for sale of upto 1,75,82,000 equity shares.

Stock brokerage and analysts had a positive outlook for the IPO and proposed subscription in view of the company’s attractive valuation, sound financials, and sales distribution network.