Orient Cables IPO Subscribed Over 14 Times on Final Day as Grey Market Signals 26% Listing Gain

The initial public offering (IPO) of Gurugram-headquartered networking cables and connectivity solutions provider Orient Cables (India) Limited witnessed robust investor demand on Tuesday, September 29, 2026, the final day of bidding. The ₹552-crore public issue crossed 14 times total subscription by midday, buoyed by aggressive bidding from non-institutional investors (NIIs) and retail participants.

In the unlisted market, shares of Orient Cables commanded a grey market premium (GMP) of ₹72 apiece over the upper price band of ₹272, pointing to an estimated listing price of ₹344 per share—a potential listing gain of approximately 26.47%.

Subscription Breakdown Across Categories

According to exchange data as of 11:30 am on Day 3, the issue received bids for 21.47 crore equity shares against an offer size of 1.50 crore shares, translating into an overall subscription of 14.33 times:

• Non-Institutional Investors (NIIs): The segment emerged as the primary growth driver, achieving 33.07 times subscription. Within this category, high-ticket applications above ₹10 lakh (bNII) were booked 30.28 times, while applications in the ₹2 lakh to ₹10 lakh range (sNII) recorded 38.66 times bidding.
• Retail Individual Investors (RIIs): The retail quota saw bidding for 10.77 crore shares against the 74.88 lakh shares on offer, resulting in an oversubscription of 14.38 times.
• Qualified Institutional Buyers (QIBs): Institutional participation remained relatively subdued through the morning of the closing session, with the QIB category booked at 0.21 times (21%) of its allocated quota. Institutional investors typically submit bids in bulk during the closing hours of an IPO window.

The public issue had previously achieved full subscription on its first day of bidding on Friday, September 25, before crossing 8.32 times subscription by the close of Day 2.

Issue Structure and Capital Allocation

The ₹552-crore book-built issue is priced in a band of ₹258 to ₹272 per equity share with a face value of ₹1 per share. It comprises:

• A fresh issue of equity shares aggregating up to ₹320 crore.
• An offer for sale (OFS) of shares worth up to ₹232 crore from existing shareholders.

Earlier, the company had trimmed its overall issue size by ₹148 crore from an initial target of ₹700 crore, reducing only the promoter OFS component while preserving the full ₹320 crore fresh issuance. Ahead of the issue launch, Orient Cables mobilised ₹165.6 crore by allocating 60.88 lakh equity shares to 20 anchor investors at the upper price band of ₹272 per share, drawing participation from institutional names such as Nippon India Mutual Fund, Goldman Sachs, Aditya Birla Sun Life Mutual Fund, Motilal Oswal Mutual Fund, and Bandhan Mutual Fund.

Use of Proceeds and Financial Roadmap

Orient Cables manufactures structured cabling solutions, including CAT5/CAT6 networking cables, optical fibre cables, patch assemblies, and EV-charging components, operating production facilities in Bhiwadi and Bengaluru.

Proceeds from the fresh capital raise will be deployed primarily toward:

• Capital expenditure for acquiring machinery and equipment and funding civil works at its manufacturing plants.
• Prepayment or scheduled repayment of outstanding borrowings to lower finance costs.
• General corporate operations.

Key Timelines Ahead

With the bidding window closing on September 29, the basis of allotment is scheduled to be finalised on Wednesday, September 30, 2026. Refunds and demat unblocking are expected to commence from October 1, 2026, followed by the crediting of equity shares to successful allottees.

Orient Cables is slated to make its trading debut on both the BSE and the National Stock Exchange of India (NSE) on Monday, October 5, 2026.

Tags: Orient Cables India IPO BSE NSE SEBI Networking Cables