Polycab India Ltd’s shares rose 20 per cent in their market debut on Tuesday, as the electric wires and cables maker raised Rs 1,346 crore ($193.44 million) in its initial public offering (IPO).
Shares of the company opened at a premium of 18 per cent to the issue price of Rs 538.
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.
Last month, Embassy Office Parks REIT opened India’s first real estate investment trust listing with a 52.50 billion rupees IPO, while state-run e-auction company MSTC Ltd also opened its IPO for subscription . ($1 = INR 69.4910)