Stories
Orient Cables Shares Soar 65% on Strong Market Debut
- •Orient Cables (India) Ltd shares listed with a premium of nearly 65% against the issue price of Rs 272.
- •The stock began trading at Rs 448.10 on BSE and Rs 450 on NSE, significantly above its issue price.
- •The company's market valuation reached Rs 4,589.54 crore after its strong debut.
- •The initial public offering (IPO) of Rs 552 crore was subscribed 92.27 times, with a price band of Rs 258-272 per share.
- •Proceeds from the IPO will fund capital expenditure, debt repayment, and general corporate purposes for the networking cables specialist.
Key Questions Answered
Shares of Orient Cables (India) Ltd debuted with a strong premium of nearly 65 per cent over the issue price of Rs 272. The stock opened at Rs 448.10 on the BSE (a rise of 64.74 per cent) and at Rs 450 on the NSE (a premium of 65.44 per cent), bringing its market valuation to Rs 4,589.54 crore.
The initial share sale of Orient Cables India received an overwhelming 92.27 times subscription by the final day of bidding on Tuesday. The Rs 552-crore IPO attracted bids for 1,38,18,98,705 shares against the 1,49,76,743 shares on offer.
The proceeds from the fresh issue will be allocated toward capital expenditure for purchasing machinery, equipment, and undertaking civil works at its manufacturing facilities. Funds will also be utilized for the repayment or partial prepayment of specific borrowings, alongside general corporate purposes.
