Orient Cables (India) saw a strong market debut, with shares jumping nearly 49% against its Rs 272 issue price. Its Rs 552-crore IPO was subscribed 92.27 times.
Key Points
- Orient Cables (India) shares closed with a nearly 49% premium on their market debut.
- The stock listed significantly higher than its issue price of Rs 272 on both BSE and NSE.
- The company’s Rs 552-crore IPO was oversubscribed 92.27 times.
- IPO proceeds will fund capital expenditure, debt repayment, and general corporate purposes.
- Orient Cables specializes in networking cables and passive networking equipment.
New Delhi, Oct 5 (PTI) Orient Cables (India) shares closed with a premium of nearly 49 per cent against the issue price of Rs 272 on Monday.
The company’s stock started trading at Rs 448.10, rising sharply by 64.74 per cent against the issue price on the BSE. Intraday, it surged 71 per cent to Rs 465.30.
The scrip ended at Rs 403.30, up 48.27 per cent.
On the NSE, the stock was listed at Rs 450, a premium of 65.44 per cent. It finally settled at Rs 405, registering a jump of 48.89 per cent.
The company’s market valuation stood at Rs 4,589.54 crore.
The initial share sale of Orient Cables India received 92.27 times subscription on the last day of bidding on Tuesday.
The Rs 552-crore IPO had a price band of Rs 258-272 per share.
The IPO had a fresh issue of equity shares worth up to Rs 320 crore and an offer-for-sale (OFS) of shares aggregating up to Rs 232 crore.
Proceeds from the fresh issue will be used for capital expenditure towards the purchase of machinery, equipment and civil works at its manufacturing facilities, besides repayment or partial prepayment of certain borrowings.
A portion of the IPO funds will also be used for general corporate purposes.
Orient Cables specialises in networking cables and passive networking equipment and caters to industries including broadband, telecom, data centres, renewable energy and smart building automation.
Its product portfolio is divided into three broad segments — networking cables and solutions, speciality power and optical fibre cables and solutions and other allied products.
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