Shares of largest manufacturer and seller of a diverse range of wires and cables Polycab India Limited, listed today with a bumper hit in both the exchanges i.e., NSE & BSE. The script is dealing on BSE in the list of 'B' Group Securities. The share opened at Rs 633 per share on the BSE against the issue price of Rs 538 per share.
Currently, the stock is trading above 22% at Rs 655 per share on BSE. It has touched a low of Rs 633 and a high of Rs 660 per share by 1300 IST.
The initial public offering of Polycab was subscribed about 52 times within 5th to 9th April 2019. The price range for Rs 1,345 crore IPO, was fixed at Rs 533-538 per share.
Polycab India is engaged in the business of manufacturing and selling of wires, cables, and other electrical goods. For the fiscal year ended 31 March 2018, the company has reported revenues of Rs. 69,239.17 lakhs, up from Rs. 60,470.08 lakh in the period year ago and profit stood at Rs. 3,707 crore in 2017-18, compared to Rs. 2,327.47 lakhs in the previous year. Moreover, the Company had induced Capex of 1100 crore in the past five years.