Polycab India jumps 20 pct on debut (updated)

MSTC

16/04/2019 08:02

(Adds details on listing, broader markets, updates shares)
    BENGALURU, April 16 (Reuters) - Polycab India Ltd's
 POLC.NS  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. urn:newsml:reuters.com:*:nL3N21R2W4
    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  urn:newsml:reuters.com:*:nL3N20Z26Y.
    Last month, Embassy Office Parks REIT  EMBA.NS  opened
India's first real estate investment trust listing with a 52.50
billion rupees IPO, while state-run e-auction company MSTC Ltd
 MSTC.NS  also opened its IPO for subscription  urn:newsml:reuters.com:*:nFWN20Y0TR
 urn:newsml:reuters.com:*:nFWN20W02P.

 ($1 = 69.4910 Indian rupees)

 (Reporting by Derek Francis in Bengaluru; Editing by
Uttaresh.V)
 ((derek.francis@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 80 6749 2100; Reuters Messaging:
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