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TPG Capital-backed wires and cables manufacturer RR Kabel Ltd has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO), according to a PTI report.
The IPO comprises a fresh issue of equity shares aggregating up to INR 225 crore and an offer for sale (OFS) of over 1.72 crore equity shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP). The proceeds from the IPO will be used towards funding repayment or prepayment of loans taken from banks and financial institutions, estimated at INR 170 crore.
Besides the four promoter groups selling shareholders, US-based private equity firm TPG Asia VII SF Pte Ltd is looking to sell up to 12.9 million shares. The PE player currently holds a 20.99% stake in RR Kabel, with 23.3 million shares. The other selling shareholder is Ram Ratna Wires Ltd, which has put its entire 1.23 per cent stake or 1.36 million shares on offer, said the DRHP.
RR Kabel, part of RR Global Group, posted a net profit of INR 214 crore and revenues of INR 4,386 crore in the financial year 2021-22 (FY22). For the nine months ended December 2022, the company reported a net profit of INR 125 crore and revenues of INR 4,083 crore, as per the report.
RR Kabel is claimed to be one of the fastest growing consumer electrical companies in India, having a strong presence in wires and cables, and fast-moving electrical goods (FMEG).
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