The Orient Cables IPO was subscribed 92.27 times overall by the close of bidding on September 29, the third and final day of the issue. Ahead of its listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), the latest grey market premium (GMP) stood at Rs 115. This indicates an estimated listing price at a 42.28% premium over the upper price band of Rs 272.
Note: GMP is entirely unofficial, based on speculative unlisted market demand, and does not guarantee the actual listing price.
Here is everything you need to know about the Orient Cables IPO before trading begins.
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Orient Cables IPO GMP, Expected Listing Price
The latest Grey Market Premium (GMP) for Orient Cables IPO was reported at Rs 115 as of 07:30 a.m. on October 5. With the upper price band of Rs 272 the estimated listing price of the IPO is Rs 387 (cap price + today's GMP). This implies a strong potential listing premium of 42.28% over the issue price.
Orient Cables IPO Overall Subscription Status
The initial public offering (IPO) of Orient Cables was oversubscribed 92.27 times on the third and final day of bidding on September 29.
The category-wise subscription breakdown are as follows:
- Qualified Institutional Buyers (QIB): 182.76 times
- Non-Institutional Investors (NII): 115.63 times
- Retail Investors: 30.55 times
The share allotment for the Orient Cables IPO was finalised on Wednesday, September 30. Shares of Orient Cables IPO will list on NSE and BSE on Monday, Oct. 5.
Orient Cables IPO Details
Orient Cables IPO is a book build issue of Rs 552 crore. The issue is a combination of fresh issue of 1.18 crore shares aggregating to Rs 320 crore and offer for sale of 85.29 lakh shares worth Rs 232 crore.
The final issue price for the IPO was set at Rs 272 per share.
Retail investors were required to bid for a minimum lot size of 55 shares, translating to a minimum investment of Rs 14, 960 at the upper end of the price band.
Orient Cables IPO: Use Of Proceeds
The company proposes to utilise the net proceeds from the issue towards the following objects:
1. Funding of capital expenditure requirements of company towards purchase of machinery, equipment and civil works at Manufacturing Facilities (Rs 91.50 crore)
2. Repayment or prepayment, in full or in part, of all or a portion of certain outstanding borrowings availed by company (Rs 155.50 crore)
3. The remaining amount will be used for general corporate purposes (Rs 48.34 crore) and issue expenses (Rs 42.53 crore).
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About Orient Cables (India) Ltd.
Incorporated in September 2005, Orient Cables (India) Limited is a manufacturer of networking cables and passive networking equipment. The company has nearly two decades of experience in the networking cables and passive networking equipment industry and caters to industries including broadband, smart building automation and security, system integration, telecommunications, data centres, renewable energy, FMEG and automotive.
Its product portfolio includes CAT5, CAT5e, CAT6 and CAT6A networking cables, patch cords, CCTV and coaxial cables, power cables, optical fibre cables, fibre patch cords, keystone jacks, instrumentation and control cables, power strips and power cords.
The company also manufactures customized products based on customer requirements.
Disclaimer: Investments in IPOs are subject to market risks. Investors should read the red herring prospectus carefully and consult a financial adviser before making investment decisions.
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