{"id":20751,"date":"2023-09-20T08:28:17","date_gmt":"2023-09-20T08:28:17","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/rr-kabel-makes-strong-debut-on-indian-exchanges-first-to-list-under-new-t2-regulations\/"},"modified":"2023-09-20T08:28:18","modified_gmt":"2023-09-20T08:28:18","slug":"rr-kabel-makes-strong-debut-on-indian-exchanges-first-to-list-under-new-t2-regulations","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=20751","title":{"rendered":"RR Kabel makes strong debut on Indian exchanges, first to list under new T+2 regulations"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Shares of RR Kabel debuted on the Indian bourses on Wednesday, listing at a 14% premium over the initial public offering (IPO) price. The shares started trading at Rs 1,180 per share on the National Stock Exchange (NSE) and Rs 1,179 per share on the Bombay Stock Exchange (BSE). This marked a significant event as RR Kabel became the first company to complete its listing under the newly introduced T+2 timeline by the market regulator.<\/p>\n

The market regulator had recently introduced alterations to IPO listing regulations, shortening the timeline from T+6 days to T+3 days. This change allows an IPO firm to complete its listing process within three working days from the closure of the IPO. RR Kabel’s quick listing, within two days of its IPO closing, makes it the fastest company to make its debut on D-Street.<\/p>\n

The company’s IPO was open for public subscription from September 13 to September 15 and aimed to raise up to Rs 1,964 crore (approx $236.1 million). The issue received a favorable response from investors, garnering an overall subscription rate of 18.69 times. Institutional investors led the subscriptions with a rate of 52.26 times, while the retail segment had a lower subscription rate at 2.13 times.<\/p>\n

The IPO comprised a fresh issue of equity shares aggregating up to Rs 1,800 million ($1 = INR83.153) and an offer for sale up to 17,236,808 equity shares by selling shareholders. There was also a reservation of equity shares aggregating up to Rs <\/span>108 million for certain eligible employees of the company.<\/p>\n

RR Kabel is a provider of consumer electrical products used for residential, commercial, industrial, and infrastructure purposes. The company plans to use the net proceeds from the IPO towards the funding of repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions estimated to be Rs 170 crore.<\/p>\n

Axis Capital <\/span><\/span> (NYSE:) Ltd, Citigroup <\/span><\/span> (NYSE:) Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and JM Financial Limited acted as the book running lead managers to the offer.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Shares of RR Kabel debuted on the Indian bourses on Wednesday, listing at a 14% premium over the initial public offering (IPO) price. The shares started trading at Rs 1,180 per share on the National Stock Exchange (NSE) and Rs 1,179 per share on the Bombay Stock Exchange (BSE). This marked a significant<\/p>\n","protected":false},"author":1,"featured_media":10606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-20751","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nRR Kabel makes strong debut on Indian exchanges, first to list under new T+2 regulations | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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