Orient Cables Makes Strong Market Debut, Shares List At Nearly 65% Premium Over IPO Price
New Delhi: Orient Cables (India) Ltd made a strong stock market debut on Monday, with its shares listing at a premium of nearly 65 percent over the IPO issue price of Rs 272. The stock opened at Rs 448.10 on the BSE, marking a gain of 64.74 percent over its issue price. On the NSE, the shares made an even stronger debut at Rs 450, reflecting a premium of 65.44 percent. Following the listing, the…
Orient Cables (India) Ltd made an impressive debut on the Indian stock market on Monday, with its shares opening 65% higher than the initial public offering (IPO) price of Rs 272. The BSE saw the stock launch at Rs 448.10, a 64.74% gain from the issue price, while the NSE recorded an even stronger opening at Rs 450, reflecting a 65.44% premium over the IPO price. This valuation puts the company's market worth at an estimated Rs 4,589.54 crore.
The company's IPO, priced between Rs 258 and Rs 272 per share, saw a strong response from investors, who subscribed 92.27 times the available shares on the final bidding day. The IPO consisted of a fresh share issue worth up to Rs 320 crore and an offer-for-sale worth up to Rs 232 crore. Orient Cables intends to utilize these funds primarily to bolster its manufacturing operations, including machinery purchases, civil works at manufacturing sites, and debt repayment or prepayment. The remainder will be allocated to general corporate purposes.
Orient Cables is a key player in the networking cables and passive networking equipment sector, serving various high-growth industries like broadband, telecom, data centers, renewable energy, and smart building automation. The company's product range is segmented into networking cables and solutions, specialty power and optical fibre cables and solutions, and other allied products.
The successful IPO listing marks a significant milestone for Orient Cables, providing shareholders with substantial gains on their initial investment.
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