The initial public offering (IPO) of RR Kabel, a leading wires and cables manufacturer in India, has received significant interest from investors. As of the closing day of the IPO on September 15, the issue has been fully subscribed.
RR Kabel has been operating in the Indian consumer electrical industry, specializing in wires and cables (W&C) and fast-moving electrical goods (FMEG) for over two decades. The company reserved 50% of the shares for Qualified Institutional Buyers (QIB), 15% for Non-Institutional Investors (NII), and 35% for Retail Investors. Additionally, 1.15 lakh shares have been reserved for employees at a discounted price of ₹98 per share.
As of Friday, the last day of the bidding process, the RR Kabel IPO has been subscribed 2.17 times. The public issue received bids for 2.88 crore shares against 1.33 crore equity shares on offer. The retail investors’ portion was subscribed 1.24 times, the NII portion was booked 3.50 times, and the employee portion was subscribed 1.84 times. The QIB quota was subscribed 2.80 times.
The RR Kabel IPO, which opened for public subscription on September 13, is worth ₹1,964.01 crore. It includes a fresh issue of equity shares worth ₹180 crore and an offer for sale (OFS) of 1.72 crore equity shares worth ₹1,784 crore by the promoters and investors. The IPO price band is set at ₹983 to ₹1,035 per share.
The company plans to utilize the proceeds from the fresh issue mainly for debt repayment amounting to ₹136 crore and for general corporate purposes. The share allotment is expected to be finalized on September 21, with refunds initiated on September 22 and shares credited to eligible allottees on September 25. The listing of RR Kabel IPO shares on the BSE and NSE is likely to take place on September 26.
According to the grey market premium (GMP) today, which indicates the price at which shares are trading in the grey market, RR Kabel shares are at a premium of ₹118 per share. With the estimated listing price of ₹1,153 apiece, the RR Kabel IPO is expected to have a 11.4% higher price than the IPO price of ₹1,035.
– RR Kabel IPO Subscription Status: https://www.moneycontrol.com/news/business/ipo/rr-kabel-ipo-subscription-status-issue-fully-subscribed-so-far-on-last-day-7509031.html
– RR Kabel IPO details: https://www.indiainfoline.com/article/news-top-story/rr-kabel-ipo-s-2nd-day-subscription-fairly-priced-15-left-for-retail-individual-investors-121091400125_1.html
– RR Kabel IPO GMP today: https://www.topsharebrokers.com/ipo-grey-market-premium-ipo-gmp/rr-kabel-ig/gmp-price/30906/