New Delhi: Shares of wires and cables manufacturer RR Kabel Ltd on Wednesday saw a strong market debut on Wednesday. RR Kabel shares listed with a substantial premium of 14% over its issue price of Rs 1,035.
The stock commenced trading at Rs 1,179 on the BSE, marking a 13.91% increase from its issue price, and later surged to Rs 1,198.05, a remarkable 15.75% jump. At the NSE, it opened at Rs 1,180, reflecting a 14% increase. This remarkable start propelled the company to an early market valuation of Rs 12,979.23 crore.
On the last day of bidding, the wires and cables maker RR Kabel Ltd's initial public offering (IPO), which was open for subscription from September 13 to September 15, received a respectable 18.69 times subscription. 1,33,17,737 equity shares were made available in the Rs 1,964-crore IPO.
The non-institutional investor quota for the RR Kabel IPO was oversubscribed by 13.23 times, compared to 2.13 times for retail individual investors (RIIs) and 52.26 times for qualified institutional buyers (QIBs). On Wednesday's opening day, only 25 percent of the IPO's subscriptions were filled.
