Today, RR Kabel, a prominent player in the fast-moving electrical goods (FMEG) and wires and cables sectors, is set to open its initial public offering (IPO) for subscription. This comes a day after the company raised ₹585 crore ($7.9 million) from anchor investors including HDFC Mutual Fund, Axis Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Life Insurance HDFC Life Insurance Company, Abu Dhabi Investment Authority, Morgan Stanley (NYSE:MS) Asia (Singapore) Pte, Elara India Opportunities Fund, and Government Pension Fund Global.
The TPG-backed company has fixed the price band at ₹983 to ₹1,035 ($1 = ₹82.92) per equity share of face value of ₹5 each for the issue. At the upper end of the price band, RR Kabel aims to raise ₹1,964.01 crore ($265 million) from the IPO. The IPO comprises a fresh issue of equity shares worth ₹180 crore ($24 million) and an offer for sale (OFS) of 17.2 million equity shares worth ₹1,784 crore ($240 million) by the promoters and investors.
In the OFS, TPG Asia VII SF Pte Ltd will offload 12.9 million equity shares, while public shareholder Ram Ratna Wires will sell its entire shareholding of 1.364 million shares. Other selling shareholders in the OFS include promoters Mahendrakumar Kabra, Hemant Kabra, Sumeet Kabra and Kabel Buildcon Solutions, a part of the promoter group.
The company intends to use the fresh issue proceeds mainly for repaying debt amounting to ₹136 crore ($18 million), and for general corporate purposes. After the IPO concludes, RR Kabel shares are expected to be listed on BSE and NSE on Tuesday, September 26.
Meanwhile, Jupiter Life Line Hospitals is set to announce its share allotment status today. The Thane-based multi-specialty tertiary and corporate quaternary healthcare provider's IPO was subscribed 64.8 times, receiving bids for 541.5 million equity shares against 8.497 million shares on offer. The shares are expected to be listed on the stock exchanges on September 18.
The Jupiter Life Line Hospitals IPO opened on September 6 and closed on September 8, with a price band for the IPO set at ₹695 to ₹735 per share. The shares of Jupiter Life Line Hospitals are currently commanding a grey market premium (GMP) of ₹250 per share.
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