Polycab India IPO was subscribed 62% on Day 1

The price band for the offer is from Rs533 to Rs538 per equity share.

Apr 05, 2019 09:04 IST India Infoline News Service

Polycab India IPO
Polycab India Limited, a manufacturer and seller of wires & cables and fast moving electrical goods (FMEG, entered in 2014) under the ‘Polycab’ brand, was subscribed 62% on the day 1 of the bidding process. The public issue bidding will close on April 9.

The price band for the offer is from Rs533 to Rs538 per equity share.

The equity shares are proposed to be listed on BSE and NSE (the stock exchanges).

The Global Co-ordinators and Book Running Lead Managers (“GCBRLMs”) to the Offer are Kotak Mahindra Capital Company Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited and Edelweiss Financial Services Limited.

The Book Running Lead Managers (“BRLMs”) to the Offer are IIFL Holdings Limited and YES Securities (India) Limited. Collectively, the GCBRLMs and the BRLMs are referred to as the "Lead Managers".

The issue consists of Fresh issue of Rs400cr and an offer for sale (OFS) of ~93.7 lakh / ~82.1 lakh shares by the Promoters / selling shareholders; 1.75 lakh shares are reserved for eligible employees with a discount of Rs53/share. Net offer works out to ~Rs1,336cr at the upper end of the price band. The proceeds from the fresh issue will be utilized for (1) Rs80cr towards repayment of borrowings, (2) Rs240cr towards funding incremental working capital requirements and (3) balance towards general corporate purposes.

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