Polycab India, manufacturer of wires and cables and fast-moving electrical goods, has proposed to open its initial public offering (IPO) on April 5. The company plans to raise up to `400 crore from the IPO, which will close on April 9. The price band has been set in the range of `533-538 per equity share. Bids can be made for a minimum lot of 27 equity shares and in multiples of 27 equity shares thereafter. The IPO consists of a fresh issue of equity shares aggregating up to `400 crore by the company and an offer for sale up to 1.75 crore equity shares of face value of `10 each. International Finance Corporation (IFC), a member of the World Bank Group, will sell 5% of its 15% stake in this IPO. Selling shareholders include investor selling shareholders, promoter selling shareholders, the promoter group selling shareholders and the individual selling shareholders. The offer includes a reservation of up to 1.75 lakh equity shares for eligible employees (which shall not exceed 5% of the post-offer equity share capital of the company). A discount of `53 per equity share is being offered to eligible employees bidding in the employee reservation portion. The equity shares are proposed to be listed on both BSE and NSE. The net proceeds from the fresh issue are proposed to be utilised for repayment of all or a portion of certain borrowings availed by the company, fund incremental working capital requirements and for general corporate purposes. The global coordinators and book running lead managers to the offer are Kotak Mahindra Capital, Axis Capital, Citigroup Global Markets India and Edelweiss Financial Services. The book running lead managers to the offer are IIFL Holdings and Yes Securities.