Polycab India jumps 20 percent on debut
Polycab India Ltd’s shares rose 20 percent in their market debut on Tuesday, as the electric wires and cables maker raised 13.46 billion rupees ($193.44 million) in its initial public offering (IPO). Shares of the company opened at a premium of 18 percent to the issue price of 538 rupees. Investors bid for 914.5 million of Polycab’s shares, or 52 times the shares on offer, on the last day of the book-running process last week, making it the first Indian IPO to see a subscription of more than 10 times in 2019. Polycab is the latest in a slate of Indian companies taking themselves public, riding on a bullish run in broader markets.
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