Orient Cables debuts on Indian bourses with over 65% premium to issue price

Orient Cables India Ltd made a notable entry on India's stock exchanges, pricing its shares at ₹450 on the NSE and ₹448.10 on the BSE, which translates to premiums of roughly 65% over the issue price of ₹272. The IPO price band of ₹258-₹272 was heavily oversubscribed, achieving a subscription rate of 92.27 times with bids totaling 1,38,18,98,705 shares against the 1,49,76,743 shares on offer. The total raise amounted to ₹552 crore, comprising a fresh issue of ₹320 crore and an offer-for-sale component of ₹232 crore, after anchor investors contributed ₹165.6 crore prior to the listing.

The company plans to allocate the fresh-issue funds toward capital expenditures for new machinery, equipment, and civil works at its manufacturing sites, as well as to repay or partially prepay certain borrowings and cover general corporate needs. Orient Cables specializes in networking cables and related equipment serving sectors such as broadband, telecom, data centres, renewable energy, and smart building automation.