Shares of cable manufacturer R R Kabel Ltd were listed with a premium of 14 per cent on Wednesday compared to the issue price of Rs 1,035. In the debut session, stocks of R R Kabel started trading at Rs 1,179 on the BSE, up 13.91 per cent against the issue price. At the NSE, it began the trade at Rs 1,180, up 14 per cent.
In the early trade, the market capitalisation of the company stood at Rs 12,979.23 crore, as per a PTI report.
Notably, R R Kabel is the first company to debut on the stock market within two days (T+2) of the issue closing. During two days of bidding, the fans and lights maker's IPO was subscribed 18.69 times. Reports citing NSE data said that qualified institutional investors bid 52.26 times the allotted quota. On the other hand, high net-worth individuals (HNIs) and retail investors bid 13.23 times and 2.13 times their reserved quota, respectively. In total, the company raised Rs 1,964.01 crore via the IPO.
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The public issue consisted of a fresh issue of shares worth Rs 180 crore and an offer for sale (OFS) worth Rs 1,784.01 crore by six shareholders, including promoter Mahendrakumar Rameshwarlal Kabra and investor TPG Asia VII SF Pte Ltd. The IPO had a price band of Rs 983-1,035 a share.
At 1.00 PM, Shares of R R Kabel Ltd were trading at Rs 1,185 per share on the BSE.
R R Kabel, a division of the RR Global Group, posted a net profit of Rs 214 crore and generated revenue of Rs 4,386 crore in the fiscal year 2021-22.