Final Day Subscription
Qualified institutional buyers: 93.09 times
Non-institutional investors: 110.74 times
Retail investors: 4.24 times
Employees: 3.16 times
Overall: 51.95 times
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.
The offer received bids for more than 91 crore shares against the total issue size of over 1.76 crore, according to data available on Axis Capital's website as of 5 p.m.
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 wiremaker 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.
The offer was being managed by Kotak Mahindra Capital Company Ltd., Axis Capital Ltd., Citigroup Global Markets India Pvt. Ltd., Edelweiss Financial Services Ltd., IIFL Holdings Ltd. and YES Securities (India) Ltd.
Polycab had raised Rs 401 crore from anchor investors on Thursday.
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