Polycab India IPO subscribed 1.18 times

The initial public offering (IPO) of wires and cables manufacturer Polycab India was subscribed 1.18 times so far on the second day of bidding Monday.

The IPO to raise about Rs 1,345 crore received bids for 2,08,89,765 shares as against the total issue size of 1,76,37,777 shares, according to the National Stock Exchange’s data till 1430 hours.

Till Friday, the issue was subscribed 71 percent.

The public offer comprises 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.

Price range for the offer, which is scheduled to close Tuesday, has been fixed at Rs 533-538 per share.

Kotak Mahindra Capital Company, Axis Capital, Citigroup Global Markets India, Edelweiss Financial Services, IIFL Holdings and YES Securities (India) are managing the issue.

Polycab had raised Rs 401 crore from anchor investors on Thursday.

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