RR Kabel IPO listing date
The 20th September Wednesday has been set aside as the RR Kabel IPO listing date. The BSE announcement states that “effective from Wednesday, September 20, 2023, the equity shares of R R KABEL LIMITED shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities.”
RR Kabel IPO List Price Revealed in Pre-Opening Session
The RR Kabel IPO listing price would become public on Wednesday during the special pre-open session of trading at 10:00 AM. Stock market specialists claim that investors in categories other than QIB responded moderately to the RR Kabel IPO. The bullish trend on Dalal Street is anticipated to continue, which will be advantageous for the public issue.
They claimed that RR Kabel’s share price might list at around $1320 if the Indian stock market continues to rise today, while if profit-booking triggers the listing, it might happen around $1200 per share. In the meanwhile, the grey market anticipates a moderate listing of the RR Kabel IPO. Market watchers claim that shares of RR Kabel are currently trading on the black market at a premium of 103.
current GMP for RR Kabel IPO is 103
Thus, the current GMP (grey market premium) for the RR Kabel IPO is 103. ‘Moderate’ listing of RR Kabel shares is anticipated, The RR Kabel IPO will make history by listing on Indian bourses on a T+2 trading day, according to Ravi Singhal, CEO of GCL Broking. In the case of the bears, the RR Kabel share price may start at around $1200, while in the case of the bulls, the shares may list at about $1320 each.
RR Kabel’s shares list 14% above original price at Rs 10035
Therefore, depending on market sentiment at today’s opening bell, the share may launch in the range of $1200 to $1320. Shares of RR Kabel were listed at a significant premium of 14% above their original issue price of Rs 10035. The stock began trading on the BSE at $. 1,179, up 13.91% from its issue price. Later, it soared to Rs. 1,198.05, a stunning 15.75% increase.
It started trading at Rs 1,180 on the NSE, up 14%. This outstanding beginning helped the business reach an early market valuation of Rs 12,979.23 crore. The initial public offering (IPO) of the wires and cables manufacturer RR Kabel Ltd., which was offered for subscription from September 13 to September 15, earned a respectable 18.69 times subscription on the final day of bidding.
In the Rs 1,964 crore IPO, 1,33,17,737 equity shares were made available. In contrast to the 2.13 times for retail individual investors (RIIs) and 52.26 times for qualified institutional buyers (QIBs), the non-institutional investor quota for the RR Kabel IPO was oversubscribed by 13.23 times. On the first day of trading on Wednesday, only 25% of the IPO’s subscriptions were filled.
Prashanth Tapse, Senior Vice President — Research at Mehta Equities, predicted a successful listing of the RR Kabel IPO and stated, “Despite an overpriced IPO offer and muted financials, RR kabel managed to sail with decent subscription demand, especially from the QIB segment, which got oversubscribed on the last day by 52 times.
Due to secondary market optimism and discounting all immediate near-term growth triggers, a respectable premium listing of 8–10% is therefore justifiable, leaving less room for a weighty listing for new investors on listing. Investors should take note of the fact that RR kabel offers included a greater OFS issuance (90% of the fund raise), which is cause for concern and led to reduced demand in the retail category.
As was already mentioned, the RR Kabel IPO GMP today is 103, which indicates that the grey market anticipates the RR Kabel IPO listing price to be approximately 1138 (1035 + 103), which is roughly 10% higher than the RR Kabel IPO price band of 983 to 1,035 per share. This indicates that the grey market anticipates a listing gain of roughly 10% from the RR Kabel IPO.
