New Delhi [India], September 20 (ANI): Shares of R R Kabel made their exchange debut with a premium of around 14 per cent against its initial public offering (IPO) issue price.

The wires and cables manufacturing company R R Kabel which began its journey three decades back became the first listing in the Indian markets where the shares made their debut just three days after their IPO closed for subscription. Earlier, the timeline for listing of shares on stock exchanges after the closure of IPOs was six days (T6).

It listed at Rs 1180 per share, 14 per cent higher than its IPO price of Rs 1,035.

RR Kabel became the first IPO to list under the'T3 cycle', said Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd.

"Despite the high valuation and the fact that most of the issue was an offer for sale, the IPO was well-received by investors, with a subscription of 18.69 times. The stock witnessed a decent listing today," Mishra said.

"Now our suggestion to investors is to exit the position after booking listing gain, however, those who want to hold it should maintain a stop loss at (Rs) 1,065," Mishra added.

Twenty-four companies have so far listed on Indian exchanges in 2023 and most of them have delivered firm returns to investors.

The company's three-day IPO worth Rs 1,964 crore was subscribed 18.7 times when bidding closed on September 15.

The portion reserved for institutional investors was subscribed 52.26 times, while those for non-institutional investors received 13.23 times more bids compared to the shares on offer. The retail portion of the issue was subscribed only 2.13 times, market data showed.

Brokerage firm Prabhudas Lilladher has given a "Buy" rating on RR Kabel stocks with a target price of Rs 1,407.

"We believe RR Kabel is a play on several opportunities in the wires and cables segment given strong brand with diverse product portfolio, well-structured capacity expansion plans, increasing dealers /distribution network, and distribution led export business," the brokerage house said. (ANI)