RR Kabel IPO: What does the latest GMP signal ahead of listing?
₹98 per share to the final offer price. According to market participants, the grey market premium (GMP) of RR Kabel IPO today is ₹96. This indicates RR Kabel shares are trading at a premium in the grey market today (September 19), a day ahead of their listing.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of RR Kabel's IPO share price is ₹1,131, which is 9.3 per cent higher than the IPO price of ₹1,035. The ₹1,964.01 crore worth RR Kabel IPO opened for public subscription on September 13 and closed on September 15. It comprised a fresh issue of equity shares worth ₹180 crore and an offer for sale (OFS) of 1.72 crore equity shares worth ₹1,784 crore by the promoters and investors.
In the OFS, TPG Asia VII SF Pte Ltd offloaded 1.29 crore equity shares, while public shareholder Ram Ratna Wires sold its entire shareholding of 13.64 lakh shares. Other selling shareholders in the OFS included promoters Mahendrakumar Kabra, Hemant Kabra, Sumeet Kabra and Kabel Buildcon Solutions, a part of the promoter group. RR Kabel's IPO lot size was 14 shares and the minimum investment amount required by retail investors was ₹14,490.
RR Kabel IPO was subscribed 18.69 times overall. The QIB portion was subscribed 52.26 times, NII was subscribed 13.23 times, and retail was subscribed 2.13 times. The company plans to utilise the fresh issue proceeds mainly for repaying debt amounting to ₹136 crore, and for general corporate purposes.
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