IPO Update: Investors cheer Polycab India listing
The stock debuted at 20 per cent premium to its issue prices on Tuesday. The stock was very popular with IPO subscribed and was subscribed around 52 times.
In-line with expectation, the stock listed at Rs. 633 per share on BSE and steadily moved up to hit an intraday high of Rs. 660.00 per share. The initial public offering (IPO) of the wire manufacturer was offered at a price band of Rs. 533 to Rs 538 per share.
Polycab India Limited is a market leader in wires and cables segment. The company is engaged in the manufacture and sales of a range of wires and cables and fast moving electrical goods (FMEG). The company has 24 manufacturing plants and two joint ventures with Techno Electromech and Trafigura.
At 10:55, the stock of Polycab India was quoting Rs. 654.90 per share, up by Rs. 21.90 or 3.46 per cent compared to its opening price and up by Rs. 116.90 or 21.73 per cent from its issue price on Tuesday. The stock is placed at an upper circuit limit of 20 per cent at Rs. 759.60 per share.