BENGALURU, Sept 20 Reuters Indian wires and cables maker RR Kabel climbed as much as 15.8 to 1,198 rupees in trading debut on Wednesday, valuing the company at 135.16 billion rupees 1.62 billion in a weak broader market.

Shares of private equity firm TPGbacked RR Kabel opened at 1,180 rupees and managed to stay above its initial public offer price of 1,035 rupees in a subdued broader market with the benchmark Nifty 50 down 0.89.

It competes with companies like Polycab India and Finolex Cables, whose shares have doubled so far this year, fuelled by government infrastructure spending and a real estate boom.

We see high demand in the cable industry domestically and from an exports perspective. The company39;s valuation seems fair … at its position in the industry and investors can keep trailing the issue price, with a target of 1,340 rupees in the shortmedium term, said Ravi Singhal, CEO at GCL Broking.

Profit for the company, which also makes electrical appliances, switchgear and lights, fell 11.3 to 1.90 billion rupees in the financial year 2023 from 2.14 billion rupees in the previous year.

Its revenue from operations jumped 27.7 to 55.99 billion rupees.

RR Kabel joined a slew of companies, including Aeroflex Industries and Concord Biotech, who have had successful debuts in the recent days as robust foreign inflows and domestic appetite for new listings lifted the confidence of firms heading for the capital market.

1 83.2050 Indian rupees

Reporting by Rama…