RR Kabel mops up Rs 585.62 crore from anchor investors ahead of IPO

Price band for the RR Kabel offer has been fixed at Rs 983-1,035 per share

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Gujarat-based wire & cables manufacturing company RR Kabel has raised Rs 585.62 crore from anchor investors on September 12, ahead of its public issue opening.

Total 54 investors participated in the anchor book including marquee investors such as Abu Dhabi Investment Authority, Government Pension Fund Global, HSBC Global, Ashoka Whiteoak ICAV, Carmignac Portfolio, TIMF Holdings, 3P India Equity Fund, Elara India Opportunities Fund, and Morgan Stanley Asia (Singapore).

Domestic investors such as HDFC Mutual Fund, ICICI Prudential, Axis Mutual Fund, Aditya Birla Sun Life Trustee, Kotak Mutual Fund, Nippon Life India Trustee, Mirae Asset, Franklin Mutual Fund, Bandhan Mutual Fund, Tata Mutual Fund, SBI Life Insurance, HDFC Life Insurance Company, and Max Life Insurance also invested in RR Kable via the anchor book.

The global private equity firm TPG-backed company said it has finalised allocation of 56,58,201 equity shares to anchor investors at a price of Rs 1,035 per share.

The price band for the offer has been fixed at Rs 983-1,035 per share.

RR Kabel will be opening its Rs 1,964-crore public issue on September 13. The IPO comprises fresh issue of equity shares worth Rs 180 crore and an offer-for-sale (OFS) of 1,72,36,808 equity shares worth Rs 1,784 crore, at the upper price band, by the promoters and investors.

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TPG Asia VII SF Pte Ltd will be the largest seller among selling shareholders, offloading 1.29 crore equity shares via OFS, while public shareholder Ram Ratna Wires, promoters Mahendrakumar Rameshwarlal Kabra, Hemant Mahendrakumar Kabra, and Sumeet Mahendrakumar Kabra, as well as Kabel Buildcon Solutions, a part of the promoter group, will be other selling shareholders in the OFS.

The issue will close on September 15.

The consumer electrical product maker will use net fresh issue proceeds mainly for repaying debt amounting to Rs 136 crore, and the remainder on general corporate purposes. It had an outstanding borrowings of Rs 777.3 crore as of August 28.

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