R R Kabel
Book Building issueMainboard₹1,964 Cr issue
+13.91%
Listing gain over issue price
Issue size
₹1,964 Cr
1 lot at cut-off
₹14,490
Lot size
14shares
Open
13 Sep 2023
Close
15 Sep 2023
Allotment
21 Sep 2023
Listing
20 Sep 2023
Listing performance
Issue price
₹1,035
Listed at
₹1,179
Listing-day close
₹1,198.05
Latest price
₹2,140
Close on 23 Oct 2026
Listing gain
+13.91%
Return since issue
+106.76%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 13 Sep 2023 – 15 Sep 2023
- Listing date
- 20 Sep 2023
- Face value
- ₹5 per share
- Issue price
- ₹1,035 per share
- Lot size
- 14 shares
- Issue type
- Book Building issue
- Total issue size
- ₹1,964 Cr
- Market cap at offer price
- ₹11,676 Cr
- Promoter holding
- 66.37% → 62.71% pre-issue → post-issue
- ISIN
- INE777K01022
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Ram Ratna House, Victoria Mill Compound, Pandurang Budhkar Marg, Worli, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 56,58,201 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 14 shares per lot, in multiples, at ₹1,035
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 14 | ₹14,490 |
| Retail (max) | 13 | 182 | ₹1,88,370 |
| S-HNI (min) | 14 | 196 | ₹2,02,860 |
| S-HNI (max) | 69 | 966 | ₹9,99,810 |
| B-HNI (min) | 70 | 980 | ₹10,14,300 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
56,58,201
Anchor portion
₹586 Cr
at ₹1,035 per share
Valuation and performance
Valuation at offer price
₹1,035 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 17.09 | — |
| P/E (×) | 60.56 | — |
| Market cap | — | ₹11,676 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 13.66%
- ROCE
- 15.57%
- Debt / equity
- 0.36
- PAT margin
- 3.37%
- NAV per share
- ₹125.19
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About R R Kabel
R R Kabel Limited is a leading company in the Indian consumer electrical industry with over 20 years of operating history in India. The company operates through two segments: (i) wires and cables including house wires, industrial wires, power cables and special cables; and (ii) fast moving electrical goods including fans, lighting, switches and appliances. It manufactures products at five facilities located in Waghodia (Gujarat), Silvassa (Dadra and Nagar Haveli and Daman and Diu), Roorkee (Uttarakhand), Bengaluru (Karnataka) and Gagret (Himachal Pradesh). The company is the fastest growing consumer electrical company among its peers in India, growing at a compounded annual growth rate of 43.4% between Fiscal 2021 and Fiscal 2023. It sells products through a pan-India distribution network of 3,450 distributors, 3,656 dealers, and 114,851 retailers, as well as through e-commerce platforms. The company also exports to 63 countries across North America, Asia Pacific, Europe and Middle East.
Company Analysis
from RHPR R Kabel Limited is one of India's leading consumer electrical companies manufacturing wires, cables, and fast-moving electrical goods across two business segments spanning the electrical products industry.
R R Kabel Limited is a leading company in the Indian consumer electrical industry with over 20 years of operating history in India. The company operates through two segments: (i) wires and cables including house wires, industrial wires, power cables and special cables; and (ii) fast moving electrical goods including fans, lighting, switches and appliances. It manufactures products at five facilities located in Waghodia (Gujarat), Silvassa (Dadra and Nagar Haveli and Daman and Diu), Roorkee (Uttarakhand), Bengaluru (Karnataka) and Gagret (Himachal Pradesh). The company is the fastest growing consumer electrical company among its peers in India, growing at a compounded annual growth rate of 43.4% between Fiscal 2021 and Fiscal 2023. It sells products through a pan-India distribution network of 3,450 distributors, 3,656 dealers, and 114,851 retailers, as well as through e-commerce platforms. The company also exports to 63 countries across North America, Asia Pacific, Europe and Middle East.
Consumer electrical (wires and cables)Fast moving electrical goods (fans, lighting, switches, appliances)
Objects of the Issue
- Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks and financial institutions ₹1,360.00 million p.21
- General corporate purposes p.21
- Funding capital expenditure for expansion and setting up of new manufacturing facilities p.71
- Repayment or pre-payment of loans from Citicorp Finance India Limited and HSBC Bank Limited p.57
- Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks and financial institutions ₹1,360.00 million p.119
- General corporate purposes [●] million (subject to not exceeding 25% of Gross Proceeds from Fresh Issue) p.120
- Not determinable from this part p.381
Issue Structure
- Total Issue
- Up to ₹[●] million
- Fresh Issue
- Up to [●] equity shares aggregating up to ₹1,800.00 million
- Offer for Sale
- Up to 17,236,808 equity shares aggregating up to ₹[●] million
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹5 each
Business Model
The company manufactures and sells wires and cables (which account for approximately 88.56% of revenue in Fiscal 2023) and fast-moving electrical goods (which account for approximately 11.44% of revenue in Fiscal 2023). For wires and cables, the company manufactures approximately 63% in-house and purchases 37% from original equipment manufacturers. For fast-moving electrical goods, the company manufactures approximately 37% and purchases 63% from over 25 original equipment manufacturers. The company generates revenue through sales to a distribution network of dealers, distributors and retailers in India and through exports to 63 countries. It also derives a small portion of revenue from e-commerce platforms.
Business Segments
Manufacture and supply of house wires, industrial wires, power cables and special cables
Manufacture and supply of fans, lighting, switches and appliances
Manufacturing and trading of wires and cables for construction, industrial, and residential use, including aluminum conductors, copper conductors, galvanized iron, and various cable compounds.
Manufacturing and trading of fast-moving electrical goods including ceiling fans, water heaters, switches, switchgear, and lighting products sold through distribution networks.
Manufactures and sells wires and cables with diverse product suite driven by research and development efforts, global certifications, and accreditations
Fast-moving electrical goods segment
Manufactures and sells house wires, industrial wires, power cables (LT/HT/EHV) and specialty cables including data & communication cables, instrumentation cables, fire & security cables, silicon rubber cables, battery cables, solar cables, and auto cables. The company was the first in India to introduce LSOH insulation technology and unilay core technology (heat resistant and flame retardant) products.
Manufactures and sells fans (ceiling fans, table/pedestal/wall fans, exhaust fans), lighting (bulbs, street lights, panels, downlights), switches & switchgears (modular switches, MCIB, distribution box), and appliances (room heater, irons, water heater, cooler). The company acquired Luminous HEB in May 2022 and Arraystorm LED business in Fiscal 2020 to expand portfolio.
Manufactures house wires, industrial wires, power cables and special cables including data and communication cables, instrumentation cables, solar cables, fire and security cables, silicon rubber cables, auto cables, EV charging cables, battery cables, lift and elevator cables, and appliance wiring material.
Manufactures and sells fans (ceiling fans, table pedestal wall fans, exhaust fans), lighting products (bulbs, batten, down lighter, panels, downlights, ring lights, LED lights, professional lighting), switches and switchgear (modular switches, MCBs, distribution boards, etc.), and appliances (water heaters, irons, room heaters, coolers).
Manufactures PVC insulated wires, cables, power cables and special cables
Fast-Moving Electrical Goods division with manufacturing units at Roorkee, Bengaluru, and Gagret
Manufacture and sale of wires and cables
Manufacture and sale of fans, LED lighting, switches, switchgears, water heaters, and domestic appliances
Manufacture and sale of house wires, industrial wires, power cables and special cables. Includes LSOH insulation technology products and unilay core technology products. Segment contributed 88.56% and 89.09% of revenue from operations in Fiscal 2023 and three months ended June 30, 2023 respectively.
Manufacture and sale of fans, LED lighting, switches, switchgears, water heaters and domestic appliances under 'RR' brand and licensed 'Luminous Fans and Lights' brand. Segment contributed 11.44% and 10.91% of revenue from operations in Fiscal 2023 and three months ended June 30, 2023 respectively.
SWOT Analysis
Strengths
- • Leading position in Indian consumer electrical industry with strong growth trajectory(p.20)
- • Extensive pan-India distribution network with broad reach(p.38)
- • Significant international presence across multiple regions(p.41)
- • Strong brand portfolio with registered intellectual property(p.40)
- • Branded market position with growing market share(p.49)
- • Backward integration into key raw material production(p.56)
- • Strong cash generation from operations(p.48)
- • Improved insurance coverage of tangible assets(p.45)
- • Active new product development pipeline(p.50)
- • Established credit ratings reflecting financial strength(p.59)
- • Scaled B2C business in wires and cables industry(p.125)
- • Diverse product suite with global certifications and R&D focus(p.125)
- • Extensive domestic and global distribution network(p.125)
- • Well-recognized consumer brands(p.125)
- • Technologically advanced and integrated manufacturing facilities(p.125)
- • Fastest growing consumer electrical company among peers with 43.4% CAGR (Fiscal 2021-2023)(p.195)
- • Fifth largest player in wires & cables with 5% market share; 7% in branded segment(p.195)
- • Highest B2C revenue contribution in wires & cables at 74% vs peers(p.195)
- • Top exporter of wires & cables from India with 9% market share in calendar year 2022(p.195)
- • Largest electrician network with 271,264 electricians as of March 31, 2023(p.195)
- • 35 international product certifications, highest among peers(p.196)
- • First in India to introduce LSOH insulation and unilay core technology in wires & cables(p.196)
- • FMEG portfolio covers 77% of FMEG industry by value as of March 31, 2023(p.196)
- • Largest consumer electrical manufacturing facility in India with substantial capacity(p.203)
- • Vertically integrated manufacturing with backward integration into key raw materials(p.204)
- • Rapidly growing user base and digital engagement through mobile app(p.203)
- • Strong distribution network with significant growth in electricians and retailers(p.219)
- • Multiple accreditations and certifications for quality and safety standards(p.225)
- • Leading exporter of wires and cables from India(p.206)
- • Strong growth trajectory as fastest-growing consumer electrical company(p.208)
- • Low defect rates demonstrating manufacturing excellence(p.203)
- • Diversified product portfolio across wires, cables, and FMEG segments(p.290)
- • Geographically dispersed manufacturing footprint with five production units(p.290)
- • Strategic nationwide distribution network(p.290)
- • Strong revenue growth trajectory(p.282)
- • Profitable operations with growing net profit(p.282)
- • Established debt arrangements with secure multi-bank facility(p.318)
- • Strong personal guarantees from promoters securing debt obligations(p.318)
- • Diversified revenue streams across wire/cable and FMEG segments(p.356)
- • Growing international export presence(p.356)
Weaknesses
- • Concentrated raw material consumption vulnerable to supply disruptions(p.33)
- • High dependence on wires and cables segment for revenue(p.39)
- • Significant concentration risk with overseas distributors(p.39)
- • Credit risk exposure from customer payment arrangements(p.40)
- • Geographical concentration of manufacturing facilities in West and North India(p.35)
- • Vulnerability to trademark opposition and intellectual property challenges(p.41)
- • Fast moving electrical goods segment operating at losses(p.49)
- • Heavy dependence on three third-party raw material suppliers(p.50)
- • High attrition rates in Key Managerial and Senior Management Personnel(p.48)
- • Significant channel financing guarantees creating contingent liabilities(p.61)
- • Unsecured demand loans creating refinancing risk(p.44)
- • Acquired Luminous home electrical business incurring operating losses(p.46)
- • Significant employee general attrition rates(p.48)
- • Moderate debt levels relative to equity(p.131)
- • Lower EBITDA margin compared to peers(p.131)
- • PAT margin lower than industry peers(p.131)
- • FMEG segment operating at loss; segment profit before tax negative ₹695.30 million in Fiscal 2023(p.198)
- • PAT margin declined from 4.93% (Fiscal 2021) to 3.37% (Fiscal 2023)(p.198)
- • EBITDA margin compressed from 9.22% (Fiscal 2021) to 6.35% (Fiscal 2023)(p.198)
- • Only 37% in-house manufacturing for FMEG products; 63% outsourced(p.197)
- • Contract manufacturing dependency with short-term agreements(p.218)
- • Leasehold facilities with renewal risks(p.232)
- • Limited in-house manufacturing capacity for certain FMEG raw materials(p.223)
- • Dependence on brand license agreement for premium FMEG products(p.212)
- • High inventory levels requiring significant working capital(p.280)
- • Significant borrowing obligations with both current and non-current debt(p.281)
- • Dependency on key managerial personnel(p.262)
- • Concentration of trade receivables with potential credit risk(p.310)
- • Significant reliance on FMEG segment generating consistent losses(p.356)
- • High working capital borrowing dependence(p.317)
- • Title deeds not held in Company's name for material properties(p.371)
- • Warranty provision obligations indicating potential product quality issues(p.323)
Opportunities
- • Expanding wires and cables market with projected double-digit growth(p.20)
- • Growing e-commerce channel penetration opportunity(p.38)
- • Significant market opportunity in infrastructure and industry sectors(p.43)
- • Capacity expansion opportunity for growth(p.43)
- • Growth of branded player market share in fragmented wires and cables industry(p.49)
- • Expansion into new markets and product segments(p.46)
- • Premium product development and brand establishment(p.46)
- • Sector shift towards energy efficient and premium products(p.49)
- • Compliance with new energy efficiency standards creating competitive differentiation(p.66)
- • International market expansion opportunity(p.53)
- • Expansion in large and growing wires and cables industry(p.125)
- • Growing FMEG segment with 133% revenue growth(p.128)
- • Strong distribution network growth with 3,450 distributors(p.128)
- • Export revenue opportunity with 12,702 million in FY2023(p.127)
- • Debt reduction through IPO proceeds to improve leverage(p.118)
- • Wires & cables market expected to grow at 13% CAGR to reach ₹1,200 billion by Fiscal 2027(p.199)
- • Electric vehicles market to see 47% CAGR 2022-2030; India targeting 30% EV fleet by 2030(p.199)
- • Data center industry projected to reach US$10.1 billion by 2027 from US$4.4 billion in 2021(p.199)
- • China plus one strategy presenting opportunity for Indian W&C manufacturers(p.202)
- • Rural electrification and PMAY housing schemes driving W&C and FMEG demand(p.199)
- • Shift towards branded play in W&C market; branded share to increase from 72% (FY23) to 80% (FY27)(p.199)
- • FMEG market growth projected at 8% CAGR through FY2027(p.204)
- • Wires and cables market growth at 13% CAGR between FY2023 and FY2027(p.206)
- • Global shift from China to India manufacturing benefiting Indian exporters(p.206)
- • Emerging demand from new infrastructure projects and sectors(p.206)
- • Electric vehicle infrastructure driving specialized cables demand(p.206)
- • Geographical expansion strategy in growing and opportunity states(p.205)
- • Premiumization and shift to branded products in FMEG(p.204)
- • Product development pipeline with 55 FMEG products under development(p.208)
- • Expansion of manufacturing capacity through capital expenditure(p.301)
- • Growth in FMEG (Fast-Moving Electrical Goods) division(p.290)
- • International business expansion through joint venture(p.290)
- • Potential for land acquisition and asset development(p.272)
- • Strategic acquisitions to expand product portfolio(p.366)
- • Channel financing facility expansion for customer reach(p.332)
- • Joint venture growth in emerging markets(p.368)
- • Export incentives and duty schemes utilization(p.327)
Threats
- • Raw material price volatility linked to global commodity markets(p.34)
- • Supply chain disruption risks from global sources(p.34)
- • Impact of COVID-19 pandemic on manufacturing operations(p.35)
- • Foreign currency exchange rate fluctuation risks(p.43)
- • Political, economic and regulatory risks in international operations(p.42)
- • Competition from established players in international markets(p.42)
- • Rising energy costs impacting production economics(p.44)
- • Counterfeit product threats to brand reputation(p.41)
- • Intense competition from unbranded and regional players in wires and cables(p.49)
- • Volatile raw material prices affecting margins(p.44)
- • Economic slowdown and reduced demand for products(p.44)
- • Real estate sector dependence and cyclicality(p.65)
- • Supply chain disruption risks from transportation and labor strikes(p.50)
- • Lapse of anti-dumping duty exposing to import competition(p.65)
- • COVID-19 pandemic continued impacts on supply chains and demand(p.63)
- • Regulatory compliance and licensing risks for manufacturing facilities(p.55)
- • Dependence on leasehold land for two key manufacturing facilities(p.61)
- • Foreign investment restrictions affecting investor participation(p.70)
- • Exposure to commodity price and input cost volatility(p.128)
- • Competitive pressure from larger established peers(p.127)
- • Working capital cycle of 75 days creates liquidity pressures(p.128)
- • Foreign exchange risk from export revenues(p.127)
- • Volatility in copper and aluminum raw material prices; copper reached decade high ₹10,238/ton in March 2022(p.169)
- • Rupee-dollar exchange rate fluctuation; rupee weakened from ₹74 (CY 2021) to ₹83 (October 2022)(p.169)
- • Intense competition from Chinese imports with low quality products reducing profit margins(p.182)
- • Growing competition from new entrants and challenger brands in lighting and fan segments(p.182)
- • Dependence on imports for LED components; 70% of raw materials imported from China/Taiwan/SE Asia(p.180)
- • Highly fragmented and competitive wires and cables industry(p.232)
- • Exposure to raw material price volatility(p.223)
- • Dependence on imported raw materials and foreign exchange risk(p.223)
- • Risk of technological obsolescence and need for continuous innovation(p.229)
- • Regulatory compliance requirements across multiple jurisdictions(p.204)
- • Customer complaint volume in FMEG segment(p.220)
- • Exposure to raw material price volatility(p.282)
- • Foreign exchange risk from international operations(p.284)
- • Competitive pressures in electrical goods and wires & cables industry(p.290)
- • Liquidity and debt servicing obligations(p.282)
- • Regulatory compliance and statutory disputes across multiple jurisdictions(p.372)
- • Foreign currency fluctuation exposure on exports(p.352)
- • Commodity price volatility impacting margins(p.353)
- • Interest rate risk on floating rate borrowings(p.351)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Tribhuvanprasad Rameshwarlal Kabra | Promoter | 6.21% | — |
| Shreegopal Rameshwarlal Kabra | Promoter | 4.16% | — |
| Mahendrakumar Rameshwarlal Kabra | Promoter Selling Shareholder | 7.78% | — |
| Kirtidevi Shreegopal Kabra | Promoter | 5.09% | — |
| Tribhuvanprasad Kabra HUF | Promoter | 1.29% | — |
| Kabra Shreegopal Rameshwarlal HUF | Promoter | 3.56% | — |
| Mahendra Kumar Kabra HUF | Promoter | 1.04% | — |
| Hemant Mahendrakumar Kabra | Promoter Group Selling Shareholder | 6.12% | — |
| Sumeet Mahendrakumar Kabra | Promoter Group Selling Shareholder | 4.89% | — |
| Kabel Buildcon Solutions Private Limited | Promoter Group Selling Shareholder | 0.64% | — |
| Ram Ratna Wires Limited | Other Selling Shareholder | 1.23% | — |
| TPG Asia VII SF Pte. Ltd. | Investor Selling Shareholder | 16.67% | — |
| Tribhuvanprasad Rameshwarlal Kabra | Promoter | — | — |
| Mahendrakumar Rameshwarlal Kabra | Promoter/Selling Shareholder | — | — |
| Shreegopal Rameshwarlal Kabra | Promoter | — | — |
| TPG Asia VII SF Pte. Ltd. | Promoter Group/Selling Shareholder | — | — |
| Ram Ratna Wires Limited | Promoter Group/Selling Shareholder | — | — |
| Tribhuvanprasad Rameshwarlal Kabra | Promoter | 6.21% | — |
| Shreegopal Rameshwarlal Kabra | Promoter | 4.16% | — |
| Mahendrakumar Rameshwarlal Kabra | Promoter | 7.78% | — |
| Kirtidevi Shreegopal Kabra | Promoter | 5.09% | — |
| Tribhuvanprasad Kabra HUF | Promoter | 1.29% | — |
| Kabra Shreegopal Rameshwarlal HUF | Promoter | 3.56% | — |
| Mahendra Kumar Kabra HUF | Promoter | 1.04% | — |
| TPG Asia VII SF Pte. Ltd. | Shareholder | 16.67% | — |
| Shreegopal Rameshwarlal Kabra | Promoter | — | — |
| Kirtidevi Shreegopal Kabra | Promoter | — | — |
| TPG Asia VII SF Pte. Ltd. | Significant Investor | — | — |
| Tribhuvanprasad Rameshwarlal Kabra | Promoter | — | — |
| Shreegopal Rameshwarlal Kabra | Promoter | — | — |
| Mahendrakumar Rameshwarlal Kabra | Promoter | — | — |
| Tribhuvanprasad Rameshwarlal Kabra | Promoter | — | — |
| Shreegopal Rameshwarlal Kabra | Promoter | — | — |
| Mahendrakumar Rameshwarlal Kabra | Promoter | — | — |
| Kirtidevi Shreegopal Kabra | Promoter | — | — |
| Tribhuvanprasad Kabra HUF | Promoter Group | — | — |
| Kabra Shreegopal Rameshwarlal HUF | Promoter Group | — | — |
| Mahendra Kumar Kabra HUF | Promoter Group | — | — |
| Tribhuvanprasad Rameshwarlal Kabra | Promoter | — | — |
| Mahendrakumar Rameshwarlal Kabra | Promoter | — | — |
| Shreegopal Rameshwarlal Kabra | Promoter | — | — |
| Tribhuvanprasad Kabra | Promoter | — | — |
| Mahendrakumar Rameshwarlal Kabra | Promoter/Selling Shareholder | — | — |
| Hemant Mahendrakumar Kabra | Promoter/Selling Shareholder | — | — |
| Sumeet Mahendrakumar Kabra | Promoter/Selling Shareholder | — | — |
| Mahendrakumar Rameshwarlal Kabra | Selling Shareholder | — | — |
| Hemant Mahendrakumar Kabra | Selling Shareholder | — | — |
| Sumeet Mahendrakumar Kabra | Selling Shareholder | — | — |
| Kabel Buildcon Solutions Private Limited | Selling Shareholder | — | — |
| Ram Ratna Wires Limited | Selling Shareholder | — | — |
| TPG Asia VII SF Pte. Ltd. | Investor Selling Shareholder | — | — |
Leadership
Tribhuvanprasad Rameshwarlal Kabra · Executive Chairman
Shreegopal Rameshwarlal Kabra · Managing Director
Mahendrakumar Rameshwarlal Kabra · Joint Managing Director
Dinesh Aggarwal · Chief Executive Officer
Rajesh Babu Jain · Chief Financial Officer
Himanshu Navinchandra Parmar · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
R R Kabel IPO FAQs
What is the lot size of R R Kabel IPO?
The minimum lot size of R R Kabel IPO is 14 shares. One lot costs ₹14,490 at the cut-off price.
When does R R Kabel IPO open and close?
R R Kabel IPO opened for subscription on 13 Sep 2023 and closed on 15 Sep 2023.
What is the listing date of R R Kabel IPO?
R R Kabel IPO listed on 20 Sep 2023.