RR Kabel to be First Company to List Shares in 2 Days After IPO

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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.


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