Mumbai, April 17 -- Polycab India Ltd made a stellar stock markets debut on Tuesday, closing 21.41% above its issue price. Shares of the cable and wire manufacturer opened at Rs644.45, a 19.8% premium over the issue price of Rs538, before closing the day at Rs653.20.

Polycab's initial public offering (IPO) price band was Rs533538 a share. The Rs1,345 crore public issue was subscribed 51.96 times during its share sale on April 5-9.

At the upper band, the stock trades at FY20 and FY21 priceto-earnings (PE) of 16 times and 13 times, respectively. With improving cash flows and balance sheet strength, Polycab will trade at a premium with wire and cable peers (Finolex and KEI), but at a discount to FMEG (fast moving electronic goods) companies ...