Shares of consumer electrical products company RR Kabel got off to a good start on the stock market on September 20, with a 14% premium to the issue price. The stock started trading at Rs 1,180 on NSE and Rs 1,179 on BSE while the issue price was Rs 1,035.
Analysts expect a premium of around 10 to 15%, based on good underwriting figures and positive stock market conditions. However, they added that lackluster financial data and a large offering could limit the stock’s potential for future upside.
The RR Kabel IPO was subscribed 18.69 times, with qualified institutional investors offering 52.26 times the allocated quota. High net worth individuals and retail investors bid 13.23 times and 2.13 times the reserved shares, respectively.
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