Following its successful subscription, RR Kabel will complete the listing of its equity shares on stock exchanges on September 20, marking a significant milestone as the first IPO firm to adhere to the T+2 timeline for listing. Under this new regulation, IPO firms are required to complete their listing process within three working days from the closure of the IPO. The issue price for the recent public issue was set at Rs. 1,035 per share, with a face value of Rs. 5 and a premium of Rs. 1,030.
JM Financial serves as the Post Issue Banker to the IPO of RR Kabel Limited. A BSE notice issued on Monday confirmed that, starting from Wednesday, September 20, 2023, the equity shares of R R KABEL LIMITED will be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities.
It’s important to note that RR Kabel’s adherence to the T+2 timeline was voluntary, and SEBI has not made this deadline mandatory for IPO firms until November 30. Currently, companies follow a T+6 timeline for IPO listing, but banks have been advocating for a reduction in the timeline from T+6 to T+3.
About SEBI’s new T+3 norm:
SEBI introduced new guidelines on August 9, requiring IPO firms to complete their listing within the T+3 timeline. The IPO market traditionally operated on a T+6 system, meaning IPO shares had to be listed on stock exchanges within six working days from the closure of the IPO. With the new timeline, this period is reduced to three working days. The timeline will be implemented in two phases, with the first phase applicable to public issues between September 1, 2023, and November 30, 2023. During this phase, firms can choose between the new and old deadlines. However, the new deadline will become mandatory for all firms from December 1, 2023.
