Polycab India shares make robust market debut, close nearly 22 pct higher

Shares of wires and cables manufacturer Polycab India Ltd made a robust market debut Tuesday, closing nearly 22 per cent higher against the issue price of Rs 538 per share. The scrip listed at Rs 633, registering a sharp gain of 17.65 per cent over the issue price on the BSE. During the trade, it zoomed 24 per cent to Rs 667.55. It finally closed at Rs 655, up 21.74 per cent.

At the NSE, shares of the company jumped 21.41 per cent to close at Rs 653.20. On the volume front, 22.43 lakh shares were traded on the BSE during the day, while over two crore shares were traded on the NSE. The company's market valuation was at Rs 9,736.31 crore on the BSE. The initial public offering (IPO) of Polycab India was subscribed nearly 52 times earlier this month. The price range for the Rs 1,345-crore IPO, which opened for bidding on April 5, was fixed at Rs 533-538 per share.