20-09-2023 10:43 AM | Source: Reuters
Indian cables maker RR Kabel up 15.8% in debut trade at $1.62 billion valuation
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Private equity firm TPG-backed Indian wires and cables maker RR Kabel climbed nearly 16% to 1,198 rupees in trading debut on Wednesday, valuing the company at 135.16 billion rupees ($1.62 billion).
Shares of RR Kabel opened at 1,180 rupees, compared with the initial public offer price of 1,035 rupees.
It competes with companies such as Polycab India and Finolex Cables, whose shares have doubled so far this year fuelled by government infrastructure spending and a real estate boom.
($1 = 83.2050 Indian rupees)
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