Bookbuilding IPO | ₹1,345 Cr | Listed at BSE, NSE | Fri, Apr 5, 2019 - Tue, Apr 9, 2019
Polycab India IPO is a book build issue of ₹1,345.26 crores. The issue is a combination of fresh issue of 0.74 crore shares aggregating to ₹400.00 crores and offer for sale of 1.76 crore shares aggregating to ₹945.26 crores.
Polycab India IPO bidding started from Apr 5, 2019 and ended on Apr 9, 2019. The allotment for Polycab India IPO was finalized on Apr 12, 2019. The shares got listed on BSE, NSE on Apr 16, 2019.
Polycab India IPO price band is set at ₹538 per share. The lot size for an application is 27. The minimum amount of investment required by an retail is ₹14,526 (27 shares) (based on upper price). The lot size investment for sNII is 14 lots (378 shares), amounting to ₹2,03,364, and for bNII, it is 69 lots (1,863 shares), amounting to ₹10,02,294.
The issue includes a reservation of up to 1,75,000 shares for employees offered at a discount of ₹53.00 to the issue price.
Axis Capital Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to Polycab India IPO RHP for detailed Information.
IPO Open
Fri, Apr 5, 2019
IPO Close
Tue, Apr 9, 2019
Issue Price
₹538 per share
Market Cap (Pre-IPO)
₹7,997.15 Cr
| IPO Date | 5 to 9 Apr, 2019 |
| Listed on | Tue, Apr 16, 2019 |
| Face Value | ₹10 per share |
| Price Band | ₹533 to ₹538 |
| Issue Price | ₹538 per share |
| Lot Size | 27 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹53.00 |
| Total Issue Size | 2,50,22,067 shares (agg. up to ₹1,345 Cr) |
| Fresh Issue | 74,40,067 shares (agg. up to ₹400 Cr) |
| Offer for Sale | 1,75,82,000 shares of ₹10 (agg. up to ₹945 Cr) |
| Share Holding Pre Issue | 14,12,05,838 shares |
| Share Holding Post Issue | 14,86,45,905 shares |
| BSE Script Code / NSE Symbol | 542652 / POLYCAB |
| ISIN | INE455K01017 |
Polycab India IPO comprises a total issue size of 2,50,22,067 shares. The net offer to the public is 2,48,47,067 shares, after excluding 1,75,000 shares under a preferential allotment. Of the Net offer 1,24,23,532 (50.00%) are allocated to QIB, 37,27,061 (15.00%) allocated to NII 86,96,474 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue | Max Allottees |
|---|---|---|---|---|
| QIB Shares Offered | 1,24,23,532 | 50.00% | 49.65% | NA |
| − Anchor Investor Shares Offered | 74,54,119 | 29.79% | NA | |
| − QIB (Ex. Anchor) Shares Offered | 49,69,413 | 19.86% | NA | |
| NII (HNI) Shares Offered | 37,27,061 | 15.00% | 14.90% | NA |
| Retail Shares Offered | 86,96,474 | 35.00% | 34.76% | 3,22,091 |
| Preferential Reservations | ||||
| Employee Shares Offered | 1,75,000 | 0.70% | NA | |
| Total Shares Offered | 2,50,22,067 | 100.00% | 100.00% | |
Investors can bid for a minimum of 27 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 27 | ₹14,526 |
| Retail (Max) | 13 | 351 | ₹1,88,838 |
| S-HNI (Min) | 14 | 378 | ₹2,03,364 |
| S-HNI (Max) | 68 | 1,836 | ₹9,87,768 |
| B-HNI (Min) | 69 | 1,863 | ₹10,02,294 |
Polycab India IPO raises ₹401.03 crore from anchor investors. Polycab India IPO Anchor bid date is April 4, 2019.
📝 Anchor Investors Letter (PDF)
| Bid Date | Thu, Apr 4, 2019 |
| Shares Offered | 74,54,119 |
| Anchor Portion (₹ Cr.) | 401.03 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, May 12, 2019 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Jul 11, 2019 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 1996, Mumbai based Polycab India Limited is engaged in the business of manufacturing, selling and distributing wires, cables and Fast Moving Electrical Goods (FMEG) products. Some of the FMEG products produced by the company are solar products, luminaires, LED lighting, electric fans, and switchgear.
The company entered into an engineering, procurement and construction ("EPC") business and FMEG business in 2009 and 2014, respectively. As on 31st March 2018, it has more than 3,300 authorized dealers and distributors, 100,000 retail outlets, 24 manufacturing facilities and 29 warehouses in India. All the sales and marketing activities of the company are handled through corporate office, three regional offices and 20 local offices located across India.
For Fiscal 2018, the company has market shares of nearly 18% of the organized wires and cables industry and around 12% of the total wires and cables industry in the country based on manufacturers realization.
In 2016, Polycab Wires Private Limited entered into a joint venture agreement with Trafigura to establish a manufacturing facility in Waghodia, India for producing copper wire rods. The plant is expected to start commercial operations by the end of Fiscal 2019 and produce around 258,620 MT of copper wire rods in a year. With full operational activities, the Ryker Plant will strengthen the backward integration and meet the demand of copper wire rods in future.
The company has exported products to 40 countries outside India and contributed 5.14% in total revenue for Fiscal 2018. From Fiscals 2016 to 2018, total income less excise duty, EBITDA and profit for the year of the company grew at a CAGR of 14.31% and 23.80% and 41.69%, respectively.
The future strategies of the company are:
• Make market presence more prominent in wires and cables sector
• Enhance and expand FMEG business
• Increase reach by expanding the distribution network
• Improve operational efficiency by investing in technology
• Increase brand awareness
The competitive strengths of the company are:
• Market leader in the respective segment in India
• Diverse customer base
• A range of electrical products
• Established distribution network
| Period Ended |
|---|
| Amount in ₹ Crore |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Scheduled repayment of all or a portion of certain borrowings availed by the Company | 80.00 |
| 2 | To fund incremental working capital requirements of the Company | 240.00 |
| 3 | General corporate purposes | 63.47 |
The Polycab IPO is subscribed 51.88 times on April 9, 2019 6:49:02 PM (Day 3). The public issue subscribed 4.5 times in the retail category, 92.44 times in the QIB category, and 110.42 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 92.44 | 50,04,328 | 46,26,19,890 |
| NII | 110.42 | 37,37,535 | 41,27,17,005 |
| Retail | 4.5 | 87,20,914 | 3,92,09,751 |
| Employee | 3.19 | 1,75,000 | 5,58,630 |
| Total | 51.88 | 1,76,37,777 | 91,51,05,276 |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Payment to the Lead Managers (including underwriting fees, brokerage and selling commission) | 25.06 |
| 2 | Commission and processing fees for SCSBs and fees payable to the Sponsor Bank for Bids made by RIBs using UPI(1)(2)(4)(5) and brokerage and selling commission for members of the Syndicate, Registered Brokers RTAs, bidding charges and CDPs | 5.28 |
| 3 | Fees payable to Registrar to the Offer | 0.12 |
| 4 | Others: i. SEBI, BSE and NSE processing fees, book building and listing fees for NSE and BSE and other regulatory expenses; ii. Fees payable to Legal Counsels; iii. Printing and stationery expenses; iv. Advertising and marketing expenses; and v. Miscellaneous. | 24.96 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹538.00 | ₹538.00 |
| Open | ₹633.00 | ₹633.00 |
| Low | ₹633.00 | ₹630.00 |
| High | ₹667.55 | ₹667.80 |
| Last Trade | ₹655.00 | ₹654.80 |
Lead Manager Reports
Polycab India IPO is a main-board IPO of 2,50,22,067 equity shares of the face value of ₹10 aggregating up to ₹1,345 Crores. The issue is priced at ₹538 per share. The minimum order quantity is 27.
The IPO opens on Fri, Apr 5, 2019, and closes on Tue, Apr 9, 2019.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Polycab India IPO using UPI as a payment gateway. Zerodha customers can apply in Polycab India IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Polycab India IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Polycab India IPO opens on Fri, Apr 5, 2019 and closes on Tue, Apr 9, 2019.
Polycab India IPO lot size is 27, and the minimum amount required for application is ₹14,526.
You can apply in Polycab India IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Polycab India IPO will be done on Friday, April 12, 2019, and the allotted shares will be credited to your demat account by Tue, Apr 16, 2019. Check the Polycab India IPO allotment status.
The Polycab India IPO listing date is on Tue, Apr 16, 2019.
