Orient Cables IPO subscribed 5x so far on Day 2; GMP at 33%

Reports coming in for today mention that The initial public offering (IPO) of the Gurugram-headquartered Orient Cables continued to witness firm investor demand on the second day of bidding, with the offering receiving 4.73 times subscription as of 12:25 pm on September 28, as per NSE data.

The Rs 552-crore IPO received 7,12,47,770 shares against 1,49,76,743 shares on offer. The non-institutional investor (NII) portion was subscribed 9.12 times, while the retail investor category saw 5.59 times subscription.

In the grey market, Orient Cables shares were commanding a premium of around Rs 90 over the upper end of the IPO price range, implying a premium of around 33 percent over the upper price range of Rs 272, according to market-tracking platform InvestorGain.

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That stated, GMP is an unofficial indicator based on activity in the grey market and can change before stock-exchange debut. It does not guarantee the actual stock-exchange debut price.

The Orient Cables IPO is a book-built offering priced in the range of Rs 258-272 per share. The public offering comprises a fresh offering of equity shares worth Rs 320 crore and an offer-for-sale (OFS) of shares worth up to Rs 232 crore by the promoter Nagpal family. The offering will stay open until September 29.

The firm had boosted Rs 165.6 crore from anchor market participants ahead of the IPO opening. It allotted 60.88 lakh shares at Rs 272 apiece, the upper end of the price range. A substantial portion of the anchor allocation went to domestic mutual funds, including Nippon Life India, ICICI Prudential AMC, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Invesco, Bandhan Mutual Fund, Sundaram Mutual Fund and Edelweiss.

The IPO's minimum lot size is 55 shares, requiring an investment of Rs 14,960 at the upper end of the price range. The shares are scheduled to list on the BSE and NSE on October 5.

Orient Cables plans to use a significant portion of the fresh offering proceeds to strengthen its manufacturing capabilities and reduce debt.

Of the Rs 320 crore boosted through the fresh offering, Rs 91.5 crore will be used for purchasing machinery and equipment and carrying out civil works at its manufacturing facilities. Another Rs 155.5 crore has been earmarked for repayment of debt, while the balance will be used for general corporate purposes.

As of June 2026, Orient Cables had total outstanding borrowings of Rs 258.4 crore, including Rs 240.4 crore under secured fund-based facilities.

Orient Cables manufactures networking cables and passive networking equipment, along with specialty power and optical fibre cables and wire and cable harness assemblies. Its products cater to segments including broadband, telecom, data centres, renewable energy and smart building automation.

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