The ₹1,964-crore initial public offering will close for public subscription today. The IPO received full subscription on Day 2 as, it received bids for 1.86 crore shares against 1.33 crore shares on offer, subscribing 1.4 times.
The issue comes out with a priced in a band of ₹983-1,035 and the lot size is 14 shares. The company has reserved up to 50 per cent of the issue to qualified institutional buyers (QIB), 15 per cent to non-institutional investors, and up to 35 per cent to retail investors.
The category for non-institutional investors received 2.1 times subscription, while the quota for Qualified Institutional Buyers (QIBs) got subscribed 1.65 times. The portion for Retail Individual Investors (RIIs) was subscribed 95 per cent. Employee quota was subscribed 1.52 times.
The IPO comprises fresh issue of equity shares worth ₹180 crore and an offer-for-sale (OFS) of 1.72 crore shares worth ₹1,784 crore, by the promoters and investors. TPG Asia VII SF Pte Ltd will offload 1.29 crore equity shares via OFS, while public shareholder Ram Ratna Wires, promoters Mahendrakumar Rameshwarlal Kabra, Hemant Mahendrakumar Kabra, and Sumeet Mahendrakumar Kabra and Kabel Buildcon Solutions, will be the other selling shareholders in the OFS.
The consumer electricals product maker will use the net fresh issue proceeds mainly to repay debt amounting to Rs 136 crore, and the remainder on general corporate purposes.
The Gujarat-based wire & cables manufacturing company, as part of IPO process, raised ₹585.62 crore from anchor investors on Tuesday by allocating 56.58 lakh shares at ₹1,035 each.
According to disclosures on the exchanges, the company said 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.