RR Kabel shares closed the first day with nearly 16 percent gains despite sharp correction in the equity markets on September 20. The BSE Sensex plunged nearly 800 points.
The stock opened higher by 14 percent at Rs 1,180, which was largely on expected lines. It immediately came off its day's high a bit and touched an intraday low of Rs 1,136.80 on the NSE in morning trade, but recouped those losses as the day progressed and hit the day's high of Rs 1,212.70 in last hour of trade.
The stock settled at Rs 1,198, up 15.75 percent over the issue price of Rs 1,035, with volume of 1.5 crore equity shares, while the closing on the BSE was Rs 1,196.65, up 15.62 percent, with volume of 8.84 lakh shares.
RR Kabel is the first company to use T+2 timeline for listing of its shares after the IPO, instead of new timeline of T+3 (three working days after the closing of public issue) announced by the market regulator Sebi. The old timeline for listing of shares after the IPO is T+6, which will be completely stopped with effect from December 1, 2023.
Also read: RR Kabel lists at 14% premium: Should you hold, buy, or book some profit?
The Gujarat-based company had launched its public issue during September 13-15 and raised Rs 1,964.01 crore via offer. The price band for the offer was Rs 983-1,035 per share.
The global private equity firm TPG-backed company operates in two broad segments. One is wires & cables, which contributed 71 percent to its topline in the quarter ended June FY24, and the other is FMEG (fast moving electrical goods), including fans, lights, switches and appliances.
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