RR Kabel IPO: TPG-backed IPO mobilises ₹585 crore from anchor investors ahead of subscription
- RR Kabel IPO will open for subscription on Wednesday, September 13 and close on Friday, September 15.
RR Kabel IPO: RR Kabel has raised ₹585 crore from anchor investors a day ahead of its IPO subscription opening for bidding. RR Kabel initial public offering (IPO) will open for subscription on Wednesday, September 13 and close on Friday, September 15. The TPG-backed company has fixed the price band at ₹983 to ₹1,035 per equity share of face value of ₹5 each for the issue.
HDFC Mutual Fund, Axis Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Life Insurance, HDFC Life Insurance Company, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Elara India Opportunities Fund, and Government Pension Fund Global are among the anchor investors.
RR Kabel IPO Details
RR Kabel is one of the top companies in the fast-moving electrical goods (FMEG) and wires and cables sectors of the consumer electrical industry, with more than 20 years of history in the country.
RR Kabel has the fifth-largest market share by value in India's wires and cables industry. In terms of value, RR Kabel was one of India's top exporters of wires and cables in the year 2022, accounting for around 9 per cent of the country's total exports.
At the upper end of the price band, RR Kabel IPO aims to raise ₹1,964.01 crore from the IPO. The IPO comprises 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 will offload 1.29 crore equity shares, while public shareholder Ram Ratna Wires will sell its entire shareholding of 13.64 lakh shares. RR Kabel lot size is 14 equity shares and in multiples of 14 equity shares thereafter.
Other selling shareholders in the OFS include promoters Mahendrakumar Kabra, Hemant Kabra, Sumeet Kabra and Kabel Buildcon Solutions, a part of the promoter group.
The company plans to utilise the fresh issue proceeds mainly for repaying debt amounting to ₹136 crore, and for general corporate purposes. After the IPO concludes, RR Kabel shares are likely to be listed on BSE and NSE on Tuesday, September 26.
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