Stories
Orient Cables Stock Crashes 10 Percent And Hits Lower Circuit After Strong Debut
- •Orient Cables made its stock market debut with a strong 65 percent premium over its issue price on October 5.
- •Despite the robust listing, the stock experienced heavy selling pressure and crashed 10 percent to hit the lower circuit at Rs 403.30.
- •The Rs 552 crore IPO of Orient Cables India Limited received an overwhelming response, getting subscribed 92.27 times on the final day.
- •The IPO proceeds are planned to be utilized for capital expenditure, machinery purchase, and debt repayment.
Key Questions Answered
The price band for the Orient Cables IPO was fixed at Rs 258 to Rs 272 per share. The shares made their market debut on October 5, listing on the BSE at Rs 448.10 per share (a 65 percent premium) and on the NSE at Rs 450 per share (a 65.44 percent premium) over the issue price.
The Rs 552 crore IPO received an overall subscription of 92.27 times on the final day of bidding. Specifically, the Qualified Institutional Buyers (QIB) portion was subscribed 182.76 times, non-institutional investors (NII) subscribed 115.63 times, and the retail investors portion was filled 30.55 times.
Orient Cables specializes in manufacturing networking cables and passive networking equipment for sectors like broadband, telecom, data centers, renewable energy, and smart building automation. Their product portfolio is divided into three main segments: networking cables and solutions, specialized power and optical fiber cables and solutions, and other related products like keystone jacks and power strips.
