Polycab Initial Public Offering (IPO) for Rs 1,350 crore will open on 5 April 2019. The Mumbai based cables, wires and electrical goods company’s public issue will close on 9 April. Total issue size will be Rs 1,350 crore, out of which Rs 100 crore will be used for debt reduction. The company has issued fresh stakes of Rs 400 crore.
The price band per equity share is fixed at Rs 533-538. The face value per equity share is Rs 10. The company will be offering 17,582,000 equity shares. Also, the company is offering a discount of Rs 53 per equity to its eligible employees who bid in the employee reservation portion.
Minimum 15% of the offer is available for non-institutional bidders as well. Out of the total issue, 35% of the offer will be available for retail individual bidders.
Polycab’s book running lead managers are Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India and Edelweiss Financial Services.
The earnings from the fresh issue will be employed towards funding incremental working capital requirements of the company, scheduled repayment of all or a portion of the certain borrowings that were availed by the company and general purposes, the company said.
Polycab’s Fast Moving Electrical Goods (FMEG) portfolio includes solar products, electric fans, luminaires and LED lighting among others. The company is promoted by Inder T Jaisinghani, Ajay T Jaisinghani, Ramesh T Jaisinghani and Girdhari T Jaisinghani, sons of late Thakurdas Jaisinghani who had laid the foundation for Polycab. It became a listed company is 2000.
Polycab holds 18% market share in organised cables and wires industry. It also has a 12% market domination over cable and wires industry in total including both organised and unorganised segments. It is also one of the biggest players in the cable and wire industry.
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