RR Kabel Shares Debut on Stock Exchanges With a Premium

RR Kabel Shares Debut on Stock Exchanges With a Premium

VoM News Desk | September 20, 2023 | 05:55 AM IST | Breaking News | Follow on Google News

RR Kabel Shares Debut on Stock Exchanges With a Premium. Image/Mint

RR Kabel Ltd made its debut on the stock exchanges with shares listed at a premium on Wednesday. The company’s shares were listed on both the NSE and BSE at higher prices compared to the issue price.

• NSE Listing: RR Kabel’s share price on the NSE was listed at ₹1,180 per share, which is 14% higher than the issue price of ₹1,035.
• BSE Listing: On the BSE, RR Kabel’s share price was listed at ₹1,179 per share.

RR Kabel IPO Subscription Status

The RR Kabel IPO, which opened for subscription from September 13 to September 15, received strong demand from investors. The subscription status on the third day of the IPO was as follows:

• QIB Portion: Subscribed 52.26 times
• NII Portion: Subscribed 13.23 times
• Retail Portion: Subscribed 2.13 times
• Employee Portion: Subscribed 2.69 times

The company reserved shares worth ₹10.8 crore for its employees and offered them at a discount of ₹98 per share to the final offer price.

RR Kabel IPO Details

At the upper end of the price band, RR Kabel aimed to raise ₹1,964.01 crore from the IPO. The IPO consisted of 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 promoters and investors.

The company planned to use the fresh issue proceeds primarily for repaying debt amounting to ₹136 crore and for general corporate purposes.

RR Kabel IPO Grey Market Premium (GMP)

The grey market premium (GMP) for RR Kabel IPO was +101, indicating that shares were trading at a premium of ₹101 in the grey market. Considering the upper end of the IPO price band and the current GMP, the estimated listing price of RR Kabel IPO shares was ₹1,136 apiece, representing a 9.76% increase over the IPO price of ₹1,035.

Investors should carefully evaluate the stock’s performance and market conditions before making investment decisions related to RR Kabel shares.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.