Wires manufacturer RR Kabel listed at 14% premium on bourses

20 Sep 2023 , 09:47 AM

Consumer electrical products manufacturer RR Kabel made an impressive debut on Dalal Street, with its stock listing at a significant premium. On the NSE (National Stock Exchange), the stock opened at Rs 1,180.00, marking a premium of 14.01% over the issue price of Rs 1,035. Simultaneously, on the BSE (Bombay Stock Exchange), the share was listed at Rs 1,179.00, reflecting a premium of 13.91% over the issue price.

The RR Kabel IPO, which garnered substantial attention, witnessed a subscription rate of 18.69 times during the period from September 13 to 15. This strong response was primarily driven by qualified institutional investors, who subscribed 52.26 times their allocated quota. High net-worth individuals also demonstrated significant interest, subscribing 13.23 times their portion, while retail investors subscribed 2.13 times their reserved shares.

The Gujarat-based wires and cables manufacturer successfully raised Rs 1,964.01 crore through its maiden public issue. This consisted of fresh shares worth Rs 180 crore and an offer-for-sale (OFS) of Rs 1,784.01 crore from six shareholders, including promoter Mahendrakumar Rameshwarlal Kabra and investor TPG Asia VII SF Pte Ltd.

The IPO was launched with a price band set at Rs 983 to Rs 1,035 per share.