Rishabhdev Technocables to list on June 29

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After receiving fabulous response to the follow-on public offer (FPO), Rishabhdev Technocables will list its equity shares on the BSE on June 29, 2009. It has fixed its FPO issue price at Rs 33 a share (including Rs 23 premium) and raised over Rs 29.70 crore.

The issue had opened for subscription between June 4 and June 9, 2009. It was subscribed 7.76 times, as per data available on the NSE website. 

Rishabhdev Technocables is specialized, controlled and power cables manufacturer promoted by Sunil Golchha. The funds are being raised to finance the setting up of a brand new, low voltage power cables plant at Silvassa. Machinery for this plant has been ordered and the plant is expected to go on stream by the end of the year.

The company currently has two units in Daman, one for specialized cables and the other for controlled cables and smaller size power cables. Additional facilities are being added to both units to make them more cost efficient.  The Company has a blue-chip clientele which includes Tata Power, Grasim, Reliance, Essar, Siemens, Sanghi, Alok Industries and Welspun, among others.

Its shares are currently listed on the Pune and Jaipur stock exchanges and the company now proposed to list on Bombay Stock Exchange.

The book running lead managers were IDBI Capital Market Services and PL Capital Markets Pvt. Ltd. while the co-book running lead manager was Ashika Capital Ltd.