Stories
Orient Cables IPO Soars 65% on Debut After 97x Oversubscription
- •Orient Cables (India) Ltd. shares opened at a 65.44% premium on NSE, listing at ’450 against an IPO price of ’272.
- •The IPO, open from September 25 to September 29, was subscribed an impressive 97.28 times overall.
- •Qualified institutional buyers (QIBs) and non-institutional investors (NIIs) portions were subscribed 192.68 times and 121.90 times, respectively.
- •The company raised ’552 crore through the IPO, which included a fresh issue of ’320 crore and an offer for sale of ’232 crore.
- •Proceeds from the fresh issue will fund machinery purchases, civil works, and debt repayment, with ’155.5 crore allocated for debt reduction.
Key Questions Answered
Orient Cables shares made a blockbuster debut on Monday, October 5, listing at a premium of over 64% over the issue price of ₹272. The stock opened at ₹450 on the NSE, marking a 65.44% premium, and at ₹448.10 on the BSE, marking a 64.74% premium.
The initial public offering of Orient Cables was subscribed 97.28 times overall. Specifically, the retail portion was subscribed 32.21 times, while the portions for qualified institutional buyers and non-institutional investors were subscribed 192.68 times and 121.90 times, respectively.
From the fresh issue proceeds, ₹91.5 crore will be used to purchase machinery, equipment, and undertake civil works at manufacturing facilities, while ₹155.5 crore will go toward debt repayment or prepayment. The remaining funds are earmarked for general corporate purposes.
