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Polycab India makes strong market debut

NEW DELHI: Wires and cables manufacturer Polycab India Ltd made a robust debut at the exchanges with the stock record on BSE at Rs 633, up 17.66 in keeping with cent over the issue value of Rs 538 in keeping with share.

At 10:24 am, the shares of the company had been buying and selling 21.76 in keeping with cent up at Rs 655.05 at the BSE index.

Last week, the initial public offering (IPO) of Polycab India used to be subscribed 51.65 times at the final day of bidding on Tuesday. The public offer used to be opened for subscription all through April Five-9 with a worth band of Rs 533 to Rs 538.

The Rs 1,345 crore IPO received bids for over 91 crore shares towards the whole factor size of greater than 1.76 crore shares.

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 have controlled the offer.

The company manufactures and sells a various vary of wires and cables and its key merchandise in the wires and cables section are energy cables, keep an eye on cables, instrumentation cables, solar cables, development wires and versatile cables.

(With PTI inputs)

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