RR Kabel to be First Company to List Shares in 2 Days After IPO
RR Kabel, a Gujarat-based consumer electrical products company, will be the first company to list its shares on the stock exchanges in two days after the IPO closes, instead of the three days mandated by the Securities and Exchange Board of India (Sebi).
The company has preponed its listing date by four days and decided to list shares on the bourses on September 20, immediately after two days following the issue close.
This means, the timeline for listing of its shares set by the company is T+2, which is less than the timeline finalised by the market regulator Sebi in the recent past.
Sebi had decided to reduce the listing timeline after an initial public offering (IPO) to three days after the closure of the issue from the present T+6 at present. ‘T’ is the day the issue closes for the subscription of IPO.
The wires and cables manufacturer has finalised the allotment date as September 18. This means, the entire process between the issue closing date and the listing date, has been settled in one single day.
The public issue of RR Kabel closed on September 15, with 18.69 times subscription. The company has raised Rs 1,964.01 crore via the IPO, which comprised a fresh issue component of Rs 180 crore worth of shares and an offer for sale (OFS) of Rs 1,784.01 crore worth of shares by six shareholders, including promoter Mahendrakumar Rameshwarlal Kabra and investor TPG Asia VII SF Pte Ltd.
The price band for the offer was Rs 983-1,035 per share.
The company’s listing on the stock exchanges is expected to be keenly watched by investors, as it will be the first company to test the new T+2 listing timeline.
Related News
- 22 Sep
Samhi Hotels Stock Lists with 6.75% Premium, Analysts Recommend Booking Profits
Samhi Hotels stock made a weak debut on the stock exchanges, listing at a premium of just 6.75% over the IPO price. Several analysts have recommended booking profits in the stock, citing its loss-making status and negative net worth.
- 22 Sep
Signature Global IPO Subscribed 11.88 Times on Final Day
The Signature Global IPO was subscribed 11.88 times on the final day of bidding. The company will use the proceeds to repay debt and for land acquisitions and general corporate purposes. The IPO is expected to list on October 4, but this may change due to the new timeline of T+3.
- 22 Sep
Sai Silks IPO Oversubscribed 4.4 Times on Final Day of Bidding
Sai Silks IPO was oversubscribed 4.4 times on the final day of bidding, with qualified institutional buyers and high networth individuals supporting the issue on closing day. The net fresh issue proceeds will be utilized by the company mainly for the setting up of 30 new stores, two warehouses, working capital requirements and repaying debts. The trading in its equity shares will commence with effect from October 4, as per the IPO schedule.
- 22 Sep
Pharma company Valiant Laboratories to go public on September 27
Pharma company Valiant Laboratories is going public on September 27 at a price band of Rs 133-140 per share. The company plans to raise Rs 152.46 crore via the IPO. Proceeds will be used to fund the expenditure for setting up a manufacturing facility for speciality chemicals and for working capital requirements and general corporate purposes. Valiant Laboratories is a Mumbai-based API and bulk drug manufacturing company with a focus on Paracetamol. It is owned by the promoters including Dhanvallabh Ventures LLP, which holds 62.5 percent shareholding. Valiant Organics, the listed entity on the BSE and NSE, is the promoter of Dhanvallabh Ventures LLP with 73.15 percent stake.
- 21 Sep
Unihealth Consultancy makes tepid debut on NSE Emerge
Unihealth Consultancy, a healthcare service provider, made a tepid debut on the NSE Emerge platform on September 21, listing at Rs 135, a 2.2 percent premium over its issue price of Rs 132. The stock was trading at Rs 137.30 at 11.40 am. The company has a number of positives going for it, such as its strong growth potential, its diversified business model, and its focus on the African market. However, investors who are considering investing in Unihealth Consultancy should carefully consider the company's fundamentals, the current market conditions, and their own risk appetite before making a decision.
Leave a Reply