Orient Cables shares debut at 65% premium over IPO price; fall 10% post listing
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Shares of Orient Cables made a strong debut on the bourses on Monday, listing at a premium of nearly 65% over the IPO price. However, the stock declined after listing, hitting its 10% lower circuit limit.
Orient Cables shares debuted at ₹450 on the NSE, a 65.4% premium over the issue price of ₹272. The stock climbed to a high of ₹464.85 before falling to ₹405, where it was locked at the 10% lower circuit over the IPO price.
At the time of reporting, the stock was trading at ₹405 on the NSE, still 48.9% above its IPO price. The electronic networking and telecommunication cables manufacturer commanded a market capitalisation of around ₹4,590 crore.
The listing was better than Street expectations, with the stock showing a strong grey market premium ahead of its debut. The last recorded GMP was ₹110, implying an estimated listing price of ₹382, or a 40.4% premium to the upper end of the price band.
Orient Cables IPO subscribed 97 times
The ₹552 crore IPO was subscribed 97.28 times during the bidding period from September 25 to September 29. The issue comprised a fresh issue of 1.18 crore shares worth ₹320 crore and an offer for sale of 85.29 lakh shares aggregating to ₹232 crore.
The retail portion was subscribed 32.21 times, while the Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) portions were subscribed 192.68 times and 121.90 times, respectively.
Proceeds from the fresh issue will be used to fund capital expenditure, including the purchase of machinery and equipment and civil works at the company's manufacturing facilities. A portion of the proceeds will also be used for the repayment or partial prepayment of certain borrowings, besides general corporate purposes.
Incorporated in 2005, Orient Cables manufactures networking cables and passive networking equipment for sectors including broadband, telecommunications, data centres, renewable energy, smart building automation and security, system integration, FMEG and automotive.
According to the company's red herring prospectus, Orient Cables is among the top four players in India's networking cables industry, with an estimated market share of around 22.9% in FY26, up from around 16% in FY22.
The company's revenue grew at a compound annual growth rate (CAGR) of 29.2% between FY23 and FY26, compared with an average CAGR of around 10.7% for its peers.
Orient Cables operates as a business-to-business supplier across three broad customer categories: large customers such as telecom service providers, telecom equipment manufacturers and power utilities; original equipment manufacturers (OEMs); and resellers.
The company manufactures customised products for telecom service providers, multinational networking and connectivity companies, IT solution providers and data centres. It operates two manufacturing facilities in Bhiwadi, Rajasthan, and one in Bengaluru. As of June 30, 2026, its manufacturing capacity stood at 895,776 km for networking, speciality power and optical fibre cables and 5.04 million pieces for other allied products, including keystone jacks.