Daijiworld Media Network - New Delhi
New Delhi, Sep 29: The initial public offering (IPO) of Orient Cables (India) Ltd closes for subscription on Tuesday, September 29, with the Rs 552-crore issue receiving strong investor participation on the first two days.
According to data available with the National Stock Exchange (NSE), the IPO had received bids for 12,45,46,565 shares against 1,49,76,743 shares on offer, resulting in an overall subscription of 8.32 times by the end of the second day.
The non-institutional investor portion was subscribed 17.37 times, while the retail investor category received 9.16 times subscription. The Qualified Institutional Buyers (QIB) portion had received 6 per cent subscription. The issue was fully subscribed on the first day itself.
The three-day subscription window opened on September 27 and closes on September 29. The IPO has a price band of Rs 258 to Rs 272 per share.
According to Investorgain, Orient Cables shares were commanding a grey market premium (GMP) of Rs 72. At the upper price band of Rs 272, this indicates an estimated listing price of around Rs 344, representing a GMP of 26.47 per cent. Grey market premiums are unofficial and can change before listing.
Ahead of the IPO, Orient Cables raised Rs 165.6 crore from anchor investors. The company allotted 60,88,233 equity shares to 20 anchor investors at Rs 272 per share, the upper end of the price band, according to a circular uploaded on the BSE website.
The anchor investors included Nippon India Mutual Fund, Goldman Sachs, Ashoka Whiteoak, Aditya Birla Sun Life Mutual Fund, Motilal Oswal Mutual Fund, Bandhan Mutual Fund and Edelweiss Life Insurance Company.
The company plans to use proceeds from the fresh issue for capital expenditure on machinery, equipment and civil works at its manufacturing facilities, besides repayment or partial prepayment of certain borrowings.
Orient Cables shares are expected to be listed on the NSE and BSE on October 5, 2026.