Polycab India rings a strong listing bell, up 21 pc

New Delhi: Shares of wires and cables manufacturer Polycab India Limited made a robust market debut on Tuesday, rising nearly 18 per cent against the issue price of Rs 538 per share. At the time of writing, the share price reached 651 i.e. nearly 21% upwards.

The scrip listed at Rs 633, zooming 17.65 per cent from the issue price on the BSE. It later jumped up 22.67 per cent to Rs 660. At the NSE, shares opened the day at Rs 633.

On the traded volume front, 10.61 lakh shares of the company exchanged hands on the BSE and over one crore shares on the NSE, in morning trade.

The company’s market valuation was at Rs 9,780.16 crore on the BSE. The initial public offering (IPO) of Polycab India Ltd was subscribed nearly 52 times earlier this month.

The price range for the Rs 1,345-crore IPO, which opened for bidding on April 5, was fixed at Rs 533-538 per share.

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