April 16, 2019 / 4:46 AM / 2 months ago

Polycab India's shares surge on market debut

April 16 (Reuters) - Polycab India Ltd’s shares surge 20.26 percent on their market debut on Tuesday, following the electric wires and cables maker raising 13.46 billion rupees ($193.44 million) through an initial public offering (IPO).

The stock was trading at 647.5 rupees by 0432 GMT, compared with the IPO price band’s higher end of 538 rupees

Investors bid for 914.5 million shares, or 51.85 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 (Reporting by Derek Francis in Bengaluru; Editing by Uttaresh.V)

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