RR Kabel shares debut with 14 pc premium

| | New Delhi
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RR Kabel shares debut with 14 pc premium

Wednesday, 20 September 2023 | PTI | New Delhi

RR Kabel shares debut with 14 pc premium

Shares of wires and cables manufacturer R R Kabel Ltd on Wednesday listed with a premium of 14 per cent against the issue price of Rs 1,035.

The stock made its debut at Rs 1,179, up 13.91 per cent from the issue price on the BSE. Later, it jumped 15.75 per cent to Rs 1,198.05.

At the NSE, it began the trade at Rs 1,180, registering a jump of 14 per cent.

The company commanded a market valuation of Rs 12,979.23 crore in early trade. It listed on the exchanges within two days of IPO completion.

The initial share sale of 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) had a price band of Rs 983-1,035 a share.

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. About 88 per cent of its revenue comes from cables and wires.

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

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