Another earning opportunity for investors, this company is bringing IPO in the market next week, fresh issue of Rs 180 crores
For those who invest in IPO, once again a new investment opportunity is coming. Wire and cable maker RR Cable Ltd will launch its IPO next week. The shares of the company are listed on BSE and NSE. Before the IPO, the company reduced its fresh issue size. Earlier, the company had made a fresh issue of Rs 225 crore, which has been reduced to Rs 180 crore.
There is going to be silver once again for those investing in Initial Public Offering (IPO). Wire and cable manufacturer RR Kabel Ltd (RR Kabel Ltd) is going to bring its IPO to the market next week. The equity shares of the company will be listed on BSE and NSE.
RR Cable Limited will open the IPO offer on 13 September. The company has decided to reduce the size of its fresh issue in the IPO to Rs 180 crore.
Let us tell you that this IPO will close after business hours on 15 September. The company will also offer OFS in this IPO.
According to the Red Herring Prospectus (RHP), the company has reduced the size of the fresh issue of equity shares to Rs 180 crore from the earlier target of Rs 225 crore. Over 1.72 crore equity shares will be sold by the promoters and other shareholders in the OFS.
Among those who sold shares in the OFS were Mahendrakumar Rameshwarlal Kabra, Hemant Mahendrakumar Kabra, Sumeet Mahendrakumar Kabra, Kabel Buildcon Solutions Pvt Ltd and Ram Ratna Wires Ltd.
Private equity firm TPG Capital, which holds a 21 percent stake in RR Cable, will partially sell its stake in the company under the OFS.
The company proposes to utilize Rs 136 crore of the net proceeds from the fresh issue to fully or partially reduce its debt from banks and financial institutions.
Let us inform you that Axis Capital Limited, Citigroup Global Markets India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, and JM Financial Limited are the book-running lead managers to the issue.
RR Cable, part of the RR Global Group, posted a net profit of Rs 214 crore and a revenue of Rs 4,386 crore in 2021-22.
