Polycab India's IPO or initial public offer, which opened for subscription on Friday, was subscribed 136 per cent or 1.36 times on Monday. The Polycab IPO worth up to Rs. 1,346 crore comprises of a fresh issue of Rs 400 crore and an offer for sale (OFS) of up to Rs. 946 crore by its promoters. Polycab India is offering more than 17.63 crore shares under the offer for sale. The company aims to utilise the proceeds towards repayment of debt, working capital requirements and general corporate purposes. (Also read: Should you subscribe to Polycab India IPO?)
Here are five things to know about the Polycab IPO:
1. On Monday, the second day of issue, the Polycab India IPO received over 3.41 crore bids, according to data available with the NSE till 5:00 pm. That marked a subscription of 136 per cent for the Polycab IPO.
2. The Polycab IPO received a around 1.11 crore bids at the cut-off price at the time. Subscription at cut-off price means that investors agree to purchase the shares at the offer price as determined the end of the book-building process.
3. A price band of Rs 533-538 apiece has been set for the Polycab IPO.
4. Shares under the Polycab IPO can be subscribed in the lots of 27 units. This means that investors can subscribe to the IPO at a minimum of Rs. 14,391-14,526.
5. Mumbai-based Polycab India is engaged in the business of manufacturing and selling of wires, cables and other electrical goods.
Meanwhile, state-owned Rail Vikas Nigam's IPO to raise Rs. 482 crore was subscribed 1.8 times last week.
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