April 16, 2019 / 4:51 AM / 3 days ago

Polycab India jumps 20 percent on debut

A rupee coin is seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/Files

BENGALURU (Reuters) - Polycab India Ltd’s shares rose 20 percent in their market debut on Tuesday, as the electric wires and cables maker raised 13.46 billion rupees ($193.44 million) in its initial public offering (IPO).

Shares of the company opened at a premium of 18 percent to the issue price of 538 rupees.

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.

Indian shares extended gains to record highs on Tuesday. A possible second term for Prime Minister Narendra Modi has lifted sentiment for Indian equities among investors.

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 = 69.4910 Indian rupees)

Reporting by Derek Francis in Bengaluru; Editing by Uttaresh.V

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