Orient Cables raises Rs 166 crore from 14 anchor investors; Rs 552-crore IPO to open on September 25

Fresh updates from the financial markets indicate that Orient Cables (India), the Gurugram-headquartered networking cables and passive networking equipment maker, on Thursday mobilised Rs 165.6 crore from 14 anchor market participants ahead of the IPO opening for public subscription.

The firm is looking to mobilize Rs 552 crore through an initial public offering (IPO) at a price range of Rs 258-272 per share. The IPO comprises a fresh offering of equity shares worth Rs 320 crore, while the Nagpal family, the promoters, will sell shares worth up to Rs 232 crore through an offer-for-sale (OFS).

Orient Cables on September 24 allotted 60.88 lakh shares to anchor market participants at Rs 272 per share, the upper end of the price range.

"Of these, 41.17 lakh shares were allocated to eight domestic mutual funds — Nippon Life India, ICICI Prudential AMC, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Invesco, Bandhan Mutual Fund, Sundaram Mutual Fund and Edelweiss," the firm stated in a filing.

Insurance firms such as Aditya Birla Sun Life Insurance and Edelweiss Life Insurance picked up 4.26 lakh shares worth Rs 11.58 crore, while other institutional market participants, including Goldman Sachs, Ashoka WhiteOak, 360 ONE WAM and Border to Coast Pensions Partnership, additionally participated in the anchor book.

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Orient Cables, which offers networking cables, specialty power and optical fibre cables, and wire and cable harness assemblies, will open its IPO for public subscription on September 25 and close it on September 29.

Of the net proceeds from the fresh offering, Rs 91.5 crore will be utilised for the purchase of machinery and equipment and civil works at manufacturing facilities, while Rs 155.5 crore will be used to repay debt. The remaining funds will be utilised for general corporate purposes.

As of June 2026, the firm's total outstanding borrowings stood at Rs 258.4 crore, of which Rs 240.4 crore comprised outstanding amounts under secured fund-based facilities.

IIFL Capital Services and JM Financial are the merchant bankers managing the Orient Cables IPO.