Polycab India IPO subscribed 1.94 times on Day 2

(Eds: Updates subscription number) New Delhi, Apr 8 (PTI) The initial public offer of wires and cables manufacturer Polycab India Ltd was subscribed 1.94 times on the second day of the bidding Monday. The IPO received bids for 3,41,44,983 shares against 1,76,37,777 shares on offer, according to the NSE data. The category set aside for qualified institutional buyers (QIBs) was subscribed 3.60 times, non-institutional investors' segment by 70 per cent and retail investors' category by 1.51 times. Till Friday, the issue was subscribed 71 per cent. The initial public offer comprises fresh issue of shares worth 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 533-538per share. Kotak Mahindra Capital Company Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, Edelweiss Financial Services Limited, IIFL Holdings Limited, YES Securities (India) Limited are managing the issue. Polycab had raised Rs 401 crore from anchor investors on Thursday. PTI SUM MRMR