New Delhi, April 16 -- Shares of Polycab India Ltd was listed on the stock exchanges at Rs.644.45, up 19.8% from its issue price of Rs.538 per share on Monday. Price band of the wires and cables manufacturer's initial public offer (IPO) was at Rs.533-538 per share. The Rs.1,345-crore public issue was subscribed 51.96 times during its share sale on 5-9 April.

At the upper band, the stock trades at FY20 and FY21 price to earnings (PE) of 16 times and 13 times respectively while with improving cash flows and balance-sheet strength, valuations will trade at premium with wire and cable peers (Finolex and KEI), but at a discount to FMEG companies (Havells, V-guard), said PhillipCapital (India) Pvt Ltd.

"Over the next two years, Return on capi...