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regular-article-logo Tuesday, 25 June 2024

T+2 listing starts with wires and cables manufacturer RR Kabel

Capital markets regulator Sebi in August halved the timeline for listing of shares on stock exchanges after the closure of IPOs to three days (T+3) from six days (T+6)

PTI New Delhi Published 20.09.23, 11:07 AM
Representational image

Representational image File image

Wires and cables manufacturer RR Kabel, which concluded its initial public offering (IPO) on Friday, is set to list on Wednesday — becoming the first company to debut on Dalal Street within two days of issue closing.

While Ratnaveer Precision Engineering was the first company to list under the T+3 regime, R R Kabel will become the first company to list in the T+2 timeline — the second working day after the issue closing on September 15.

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Capital markets regulator Sebi in August halved the timeline for listing of shares on stock exchanges after the closure of IPOs to three days (T+3) from six days (T+6).

The new listing timeframe will be voluntary for all public issues opening on or after September 1 and mandatory for all issues after December 1, 2023.

The reduction in timelines for listing and trading of shares will benefit both issuers as well as investors.

RR Kabel’s IPO comprises a fresh issue of Rs 180 crore and an offer-for-sale of up to 1.72 crore equity shares.

The Rs 1,964-crore issue was subscribed 18.69 times. The issue, with a price
band of Rs 983-1,035 per share, was opened for subscription during September 13-15.

Realty firm Signature Global, which is launching its IPO on Wednesday, has raised Rs 318.5 crore from anchor investors.

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