Polycab India Ltd.’s Rs 1,345-crore initial public offering subscribed nearly 52 times on its final day of bidding today, driven by huge demand from non-institutional investors.
While the portion reserved for non-institutional bidders subscribed 110.74 times, the qualified institutional buyers category received 93.09 times more demand for shares on offer. The retail investors category subscribed 4.24 times. Shares earmarked for employees subscribed 3.16 times
The wire-maker offered nearly 2.5 crore equity shares at Rs 533-538 apiece. Some of its promoters, including the World Bank’s lending arm International Finance Corporation, sold stake through the IPO. The maiden offer was a combination of offer-for-sale and fresh issue.
The company will use the funds raised via fresh issue for debt repayment and working capital requirements. Its promoter holding will fall to 68.7 percent from 78.9 percent after the listing.
Polycab had raised Rs 401 crore from anchor investors on Thursday.