Latest News | R R Kabel IPO Subscribed 18.69 Times on Final Day

New Delhi, Sep 15 (PTI) The initial share sale of wires and cables manufacturer R R Kabel was subscribed 18.69 times on the final day of subscription on Friday.

The Rs 1,964-crore Initial Public Offering (IPO) received bids for 24,88,98,328 shares against 1,33,17,737 shares on offer, as per NSE data.

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The category for Qualified Institutional Buyers (QIBs) got subscribed 52.26 times. The quota for non-institutional investors attracted 13.23 times subscription while the portion for Retail Individual Investors (RIIs) was subscribed 2.13 times.

The IPO had a fresh issue of up to Rs 180 crore and offer for sale of up to 17,236,808 equity shares. Price band for the offer was at Rs 983-1,035 a share.

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On Tuesday, the TPG-backed firm said it mobilised Rs 585.62 crore from anchor investors.

The company runs five manufacturing units -- one cable and wire unit each at Waghodia in Gujarat and at Silvassa in Dadra and Nagar Haveli, and a commercial lightings plant in Bengaluru.

It also has a fast moving electrical goods unit at Roorkee in Uttarakhand and another at Gagret in Himachal Pradesh. A total of 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.

R R Kabel -- a part of the RR Global Group -- had reported a net profit of Rs 214 crore and a revenue of Rs 4,386 crore in 2021-22.

Axis Capital, Citigroup Global Markets India, HSBC Securities and Capital Markets (India) and JM Financial were the managers to the offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)