 "IPO")
The Initial Public Offer (IPO) of wires and cables manufacturer R R Kabel Limited was subscribed 25 per cent on the first day of bidding on Wednesday.
The IPO received bids for 32,78,072 shares against 1,33,17,737 shares on offer, according to NSE data.
The category for Retail Individual Investors (RIIs) was subscribed 36 per cent and the portion for non-institutional investors received 29 per cent subscription.
The IPO has a fresh issue of up to Rs 180 crore and an offer for sale of up to 1,72,36,808 equity shares.
Price range for the offer is Rs 983-1,035 per share. At the upper end of the price band, the issue will fetch up to Rs 1,964 crore.
On Tuesday, TPG-backed RR Kabel Ltd said it has mobilised Rs 585.62 crore from anchor investors.
More From This Section
The company runs five manufacturing units - one each cable and wire units in Waghodia in Gujarat and in Silvassa in the Union Territory of Dadra and Nagar Haveli, and a commercial lightings plant in Bengaluru and one each fast moving electrical goods (FMEG) units in Roorkee in Uttarakhand and Gagret in Himachal Pradesh. As much as 88 per cent of its revenue comes from cables and wires.
The company proposes to utilise Rs 136 crore of the net proceeds from the fresh issue to pare down debt.
RR Kabel, a part of the RR Global Group, had a net profit of Rs 214 crore on a revenue of Rs 4,386 crore in FY22.
Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India) and JM Financial are the managers to the offer.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
