RR Kabel subscribed 1.4 times on Day 2
The initial public offering (IPO) of RR Kabel was subscribed 1.4 times on Thursday, the second day of the issue. The institutional investor portion was subscribed 1.6 times, the wealthy investor portion 2.10 times, the retail investor portion 0.95 times and the portion reserved for employees 1.51 times. The company has priced its IPO between Rs 983 and Rs 1,035 per share. The Rs 1,964 crore IPO comprises a fresh issue of Rs 180 crore and an offer for sale of Rs 1,784 crore. The company is into manufacturing, marketing and selling of wires and cables, including house wires, industrial wires, power cables and special cables, fans, lighting, switches and appliances. Earlier this week, the company had raised Rs 585 crore from anchor investors.
Lukewarm response for Zaggle Prepaid on Day 1
The IPO of Zaggle Prepais Ocean Services was subscribed 19 per cent on Thursday, the first day of its issue. The institutional investor portion remained unsubscribed, the wealthy investor portion was subscribed 11per cent, and the retail investor portion 87per cent. The Rs 563 crore IPO has been priced between Rs 156 and 164 per share. The company has raised Rs 253 crore from anchor investors. Zaggle is a software as a service (SaaS) company which operates in the spend management space.
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Stock exchanges provide safeguards from outages
Brokerages facing technical glitches or outages will now be able to allow their clients to exit or square off their outstanding positions through a common platform. Stock exchanges in a circular on Thursday said the platform will be accessible to trading members (TMs) across exchanges starting from October 3. “To ensure seamless business continuity, TMs are advised to maintain an updated Disaster Recovery (DR) site. However, if both the primary and DR sites are affected and regular business cannot be conducted, affected investors can exit or square off their outstanding positions using a common platform under the guidelines of IRRA,” the NSE said in a circular.