Orient Cables and German Green Steel IPOs Sail Through on Day 1 Led by Retail and NII Demand

Indian primary markets kicked off a heavily packed session with strong investor momentum on Friday, September 25, 2026, as two out of four mainboard initial public offerings (IPOs)—Orient Cables (India) Ltd and German Green Steel and Power Ltd—were fully subscribed on their very first day of bidding. Both issues opened for public subscription alongside offerings from AceVector Ltd and Runwal Enterprises, together aiming to raise substantial capital from Dalal Street.

Both offerings will remain open until Tuesday, September 29, 2026, with share allotments expected to be finalised on September 30 and tentative listings slated for October 5, 2026, on the BSE and the National Stock Exchange (NSE).

Orient Cables IPO: High NII and Retail Appetite

Orient Cables (India) Ltd’s ₹552-crore public issue was subscribed 1.96 times by the end of Day 1, receiving bids for over 2.93 crore equity shares against the 1.49 crore shares on offer.

The demand was heavily anchored by high-net-worth and individual retail investors:

• Non-Institutional Investors (NII): Subscribed 3.47 times the reserved quota.
• Retail Individual Investors (RII): Subscribed 2.42 times their allotted portion.
• Qualified Institutional Buyers (QIB): Booked 1% (0.01 times) of the institutional portion on Day 1, in line with traditional institutional bidding behavior where institutions usually place bids on the final day.

Orient Cables has set its price band at ₹258 to ₹272 per equity share with a minimum bid lot of 55 shares. The IPO consists of a fresh issue of shares worth up to ₹320 crore and an Offer for Sale (OFS) of up to ₹232 crore by existing promoter shareholders. Ahead of the issue launch, the company mobilised ₹165.60 crore from anchor investors.

The company manufactures networking cables and passive networking equipment catering to telecom, broadband, data centers, and renewable energy sectors, operating manufacturing plants in Bhiwadi and Bengaluru. Proceeds from the fresh issue will fund capital expenditure for machinery and civil works, partial debt repayment, and general corporate purposes.

German Green Steel and Power: All Segments Covered

Vertically integrated steel producer German Green Steel and Power Ltd saw an equally robust response for its ₹303.90-crore issue, which closed Day 1 booked 1.73 times after receiving bids for 2.78 crore shares against 1.60 crore shares on offer. Unlike Orient Cables, all segments of German Green Steel's IPO were subscribed beyond 100% on the opening day:

• Non-Institutional Investors (NII): Booked 2.56 times.
• Retail Individual Investors (RII): Booked 1.65 times.
• Qualified Institutional Buyers (QIB): Booked 1.32 times the reserved quota.

The Gujarat-based iron and steel manufacturer set a price band of ₹132 to ₹139 per share with a minimum lot size of 107 shares. The offering includes a fresh issue of ₹290 crore and an OFS component of 10 lakh shares aggregating to ₹13.90 crore at the upper end. Prior to the public rollout, the company raised ₹91.17 crore from institutional anchor investors.

German Green Steel manufactures thermo-mechanically treated (TMT) bars, sponge iron, and mild steel billets across facilities in Samakhiali and Viramgam. The fresh issue proceeds will be utilized to expand production capacity at Samakhiali, develop a captive hybrid wind-solar energy project, and pare down debt.

Significance for Indian Investors

The swift Day 1 subscription of both mid-sized issues underscores robust underlying liquidity among domestic retail and affluent Indian investors, even as multiple issuers compete simultaneously for capital. Market participants will closely monitor institutional bidding queues on Day 2 and Day 3 to evaluate final institutional demand ahead of the primary market debuts scheduled for early October.

Tags: Orient Cables India German Green Steel and Power Primary Market BSE NSE SEBI