RR Kabel IPO: RR Kabel’s IPO closed with 18.69 times subscription on the last day of application, listing will take place on September 26.

RR Kabel IPO Update: The IPO of wire and cable manufacturing company RR Kabel has closed after being subscribed a total of 18.69 times. The IPO has received tremendous response from institutional investors. The reserve quota for institutional investors has been subscribed 52.26 times, while the quota for retail investors has been subscribed only 2.13 times. 

According to BSE data, 37,72,137 shares were reserved for institutional investors in RR Cable’s IPO. Whereas applications have been received for a total of 19,71,19,622 shares. This quota was subscribed a total of 52,26 times. 28,29,102 shares were reserved for non-institutional investors and applications have been received for a total of 3,74,30,694 shares. This quota has been subscribed 13.23 times. 66,01,237 shares were reserved for retail investors and applications were received for 1,40,38,192 shares and 2.13 were subscribed. The reserve quota for employees has been subscribed 2.69 times. 

RR Cable’s IPO was open from 13 September to 15 September 2023. The company had fixed the price band of Rs 983 to Rs 1035 per share. The company has raised Rs 1964 crore through IPO. RR Cable will be listed on the stock exchange on 26th September. RR Cable’s IPO is trading at a premium of Rs 118 in the gray market. That means the stock can be listed on the stock exchange around Rs 1150. 

New shares worth Rs 180 crore have been issued in RR Cable IPO. The company’s promoter and its investor TPG are selling 1.72 crore shares under Offer for Sale. TPG Asia holds 16.67 percent stake in the company. The promoter’s shareholding in the company is about 66.42 percent.  RR Kabel is a subsidiary of electric sector giant RR Global which has presence in about 90 countries. Apart from wires and cables, the company also manufactures electrical goods which include fans, light switches. In the first quarter of the financial year 2023-24, the revenue stood at Rs 1597.3 crore, with a jump of 29.1 percent. Whereas there has been a jump of 310 percent in profit and it has been Rs 74.3 crore.

Read this also 

Tata Steel Update: British government will provide 500 million pounds help to Tata Steel, Port Talbot project will be made carbon free.