Orient Cables Debuts at 65 Percent Premium on NSE to Outperform Strong Grey Market Expectations

Shares of networking cables and equipment manufacturer Orient Cables (India) Limited made a spectacular debut on Dalal Street on Monday, October 5, listing well ahead of already elevated grey market expectations.

On the National Stock Exchange (NSE), Orient Cables opened at Rs 450 per share, marking a massive gain of Rs 178 or 65.44 percent over the issue price of Rs 272. On the BSE, the stock began trading at Rs 448.10, representing a 64.74 percent premium. Following the listing surge, the company's market valuation reached Rs 5,099.36 crore on the BSE.

Grey Market Signals Outperformed

Ahead of the listing bell, unlisted grey market trends had pointed towards a commanding start. The Grey Market Premium (GMP) for Orient Cables hovered around Rs 115 to Rs 123 per share, indicating an expected listing gain of approximately 42 to 45 percent. However, strong buying interest from institutional and retail market participants during opening price discovery propelled the counter significantly above the pre-listing indications.

Robust Subscription and Issue Details

The stellar opening follows intense demand across all investor categories during the bidding window, which was open from September 25 to September 29.

Key Issue Highlights:

• The initial public offering (IPO) was subscribed 97.28 times overall, drawing bids for over 138 crore equity shares against the 1.49 crore shares on offer.
• The Qualified Institutional Buyers (QIB) portion witnessed substantial interest, clocking a subscription of 192.68 times.
• Non-Institutional Investors (NII) subscribed 121.90 times their reserved quota, while the retail category was booked 32.21 times.
• The Rs 552-crore book-built issue had set its price band at Rs 258 to Rs 272 per equity share with a lot size of 55 shares.
• Prior to the opening of the public issue, the company secured Rs 165.60 crore from anchor investors.

The total offering comprised a fresh issue of shares aggregating to Rs 320 crore alongside an Offer for Sale (OFS) worth Rs 232 crore from existing selling shareholders.

Use of Proceeds and Business Outlook

Orient Cables plans to deploy net proceeds from the fresh capital raise primarily toward funding capital expenditure requirements—including the procurement of new machinery, industrial equipment, and civil infrastructure at its manufacturing units—as well as the repayment or prepayment of certain borrowings.

The company's manufacturing footprint spans networking cables, interconnection solutions, and passive networking components. With India experiencing accelerated 5G rollouts, data centre capacity expansions, and broadband infrastructure growth, market analysts note that the company's strong listing underscores investor confidence in sustained domestic demand for high-grade communication cables and connectivity hardware.

Tags: Orient Cables India NSE BSE SEBI IPO