April 9 (Reuters) - Electric wires and cables maker Polycab India Ltd’s initial public offering (IPO) to raise 13.46 billion rupees ($194.20 million) was subscribed more than 50 times on the last day of the book-running process on Tuesday.
Investors bid for 914.5 million shares, or 51.85 times the shares on offer, showed here stock exchange data, as of 1245 GMT. The price band had been set at 533-538 rupees.
This is the first Indian IPO to see a subscription of more than 10 times in 2019.
The offering consists of a fresh issue worth up to 4 billion rupees, and an offer for sale of up to 17.6 million shares with some promoters, including World Bank arm International Finance Corporation, looking to sell their stake through the IPO.
Polycab will use the proceeds from the fresh issue to repay debt, fund working capital requirements, and for general corporate purposes, according to its prospectus.
Indian firms are returning to equity markets to raise funds, but analysts expect the primary market for equity issues to only gather pace after the national election results next month.
Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India and Edelweiss Financial Services are global co-ordinators and book-running lead managers for the IPO, while IIFL Holdings and YES Securities (India) are also book-running lead managers.
$1 = 69.3110 Indian rupees Reporting by Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips