Polycab India IPO subscribed 1.18 times

Electrical goods manufacturer Polycab India Ltd’s initial public offering (IPO) continued to attract demand on the second day on Monday, with the issue subscribed nearly twice the shares on offer.

The public offering of 17.63 million shares -- excluding the anchor allotment --  received demand for 34.14 million shares at the end of day two, stock-exchange data showed. The book was subscribed 1.93 times.

The IPO size is now pegged at Rs 1,345 crore ($195 million) including new shares, and will result in 15% stake dilution. Polycab had proposed to raise Rs 500 crore by issuing and selling new shares.

Incorporated in January 1996 as Polycab Wires Pvt. Ltd, the company manufactures electrical wires, cables and fast-moving electrical goods (FMEG) under the ‘Polycab’ brand name.