Polycab India IPO subscribed nearly 52 times

New Delhi, Apr 9 (PTI) The initial public offering (IPO) of wires and cables manufacturer Polycab India Ltd was subscribed nearly 52 times on the final day of bidding Tuesday. The Rs 1,345-crore IPO received bids for 91,61,34,192 shares against the total issue size of 1,76,37,777 shares, translating into 51.94 times subscription, according to NSE's data till 2015 hrs. The category reserved for qualified institutional buyers (QIBs) was subscribed about 93 times, while that reserved for non-institutional investors and retail individual investors was subscribed 110 times and 4.53 times, respectively, merchant banking sources said. The initial public offer comprises of fresh issue of 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. The offer has attracted one million applications, the sources added. The price range for the offer, which opened for bidding on April 5, has been fixed at Rs 533-538 per share. Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, Citigroup Global Markets India Private Ltd, Edelweiss Financial Services Ltd, IIFL Holdings Ltd and YES Securities (India) Ltd are the managers for the issue. Polycab had raised Rs 401 crore from anchor investors on Thursday. PTI SUM RVKRVK