Polycab, an International Finance Corp backed electrical goods maker, is set to file for an initial public offering (IPO), reported Mint.

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“Polycab is in the final stages of finishing work on its red herring prospectus (DRHP). It is looking to raise Rs 2,000 crore. Investment banks Axis Capital, Edelweiss, Kotak Mahindra Capital and Citigroup will manage the share sale,” Mint report said citing sources.

IFC, the investment arm of World Bank, which has been investing in the company for a long time, will be selling a chunk of its shares, according to the report. In 2008, IFC invested about $ 120 million to pick up 12 percent of shareholding in the company, the report added.

The company expects to raise capital for capex and debt repayment purposes through its IPO and will pitch the same in a couple of weeks, the report said.