RR Kabel IPO: There has been a big change in the listing date of the shares of RR Kabel, a Gujarat-based electrical goods manufacturer. Earlier the date for entry of its shares on BSE and NSE was fixed as September 26. However, it has now been decided that it will be listed on September 20 itself, i.e. about 6 days earlier than planned. Its Rs 1964 crore IPO was open for subscription between September 13-15. It received a good response from investors and was subscribed 18.69 times overall. Its shares have been issued at a price of Rs 1035.
First company to be listed under the new rules of SEBI
According to the details available on BSE, shares of RR Cable will enter the market on September 20, 2023. The company has taken this decision as per SEBI rules. Market regulator Securities and Exchange Board of India (SEBI) had announced on June 28 to reduce the period for listing from T+6 to T+3. Here T means the day on which the IPO will close.
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According to SEBI’s decision, it will be up to the companies launching IPOs on or after September 1, whether they list under the new rules or not, and the new rules will be applicable to the IPOs that come on or after December 1, 2023. Now RR Cable is going to become the first company to list its shares under this new rule.
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Big change regarding allotment also
Now that the wait for listing has reduced, the wait for allotment will also be less. Currently, the rule is that the registrar of the IPO finalizes the allotment of shares about 3 days after the end of the bidding and sends it to the respective stock exchanges for approval. Under the new rule, the registrar will have to do this work before 6 pm the next day after the end of the bidding. According to the current rule, companies apply for trading permission to the exchanges on the 5th day after the end of the bidding, but now they will have to do this by 06:30 pm on the second day after the end of the bidding.
Now if we talk about RR Cable, its listing date has been delayed and its allotment date has also been delayed. Earlier it was to be held on 21st September but now the company finalized it on 18th September itself. The registrar link for this issue is intime.
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How much listing gain is there?
Shares of RR Cable are priced at Rs 1131 in the gray market. It is at a GMP (grey market premium) of Rs 96 i.e. 9.28 percent from the IPO price. This means investors can get a profit of more than 9 percent on listing. However, note that gray market listing has no parameters and the market conditions and company fundamentals on the day of listing decide the movement of the shares.
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