RR Kabel gains 15% on debut, Yatra Online's IPO manages to scrape through

Shares of RR Kabel surged nearly 15 per cent in their stock market debut on Wednesday, closing at Rs 1,197, a gain of Rs 161.7 over its issue price of Rs 1,035. The stock hit a low of Rs 1,141 and a high of Rs 1,213 on the BSE. Shares worth nearly Rs 1,900 crore got traded on NSE and BSE of the company. Norges Bank acquired 2 million shares (1.77 per cent) at Rs 1,180 apiece for Rs 236 crore,block deal data showed. The company's Rs 1,964-crore initial public offering (IPO), the second-largest of calendar year 2023, received almost 19 times subscription and set a record by listing in just two working days after its IPO closed last Friday.

 

Backed by private equity major TPG, RR Kabel is India's fifth-largest manufacturer of wires and cables, holding a 7 per cent market share by value as of March 2023. The firm also manufactures fans, lighting, switches, and appliances. For the financial year 2023, the company reported revenue from operations of around Rs 5,600 crore and a profit of Rs 190 crore. The company's valuation stood at Rs 13,381 crore at the close of trading.

Yatra IPO manages to scrape through

Travel services provider Yatra Online's initial public offering (IPO) of Rs 775 crore has received lukewarm investor response, securing just 1.61 times subscription. The retail and institutional segments were subscribed 2.1 times each, while the high net-worth individual portion saw a mere 42 per cent subscription.

The IPO comprised a fresh fundraise of Rs 775 crore and an offer for sale amounting to Rs 173 crore. Yatra intends to allocate the proceeds towards strategic investments, acquisitions, and inorganic growth, as well as for customer acquisition, retention, and technology upgrades.

The shares were priced between Rs 135 and Rs 142, valuing the company at the upper end at Rs 2,228 crore. For the financial year ended March 2023, Yatra reported a net profit of Rs 7.6 crore on revenues of Rs 380 crore. The company stands as India's third-largest consumer online travel agency and a prominent corporate travel service provider.