The initial public offering (IPO) of wires and cables manufacturer Polycab India was subscribed 71 percent on the first day of bidding on Friday.

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The company plans to raise around Rs 1,345 crore through a mix of fresh issue of equity shares and an offer for sale.

The IPO received bids for 1.25 crore shares as against the total issue size of 1.76 crore shares, according to the latest data on the National Stock Exchange.

The category reserved for non-institutional investors was subscribed 4 percent, while that for retail individual investors was subscribed 9 percent.

The price band of the issue, which will close on April 9, is fixed at Rs 533-538 per equity share. It includes Rs 400 crore of fresh issue and an offer for sale (OFS) of 1.75 crore shares of face value of Rs 10 apiece.

The offer includes a reservation of up to 1.75 lakh equity shares for employees.

Polycab had raised Rs 401 crore from 25 anchor investors on Thursday.