Orient Cables IPO lists at 65% premium

On the National Stock Exchange (NSE), the stock opened at ₹450 per share, marking a 65.44% premium (₹178 gain per share) over its issue price of ₹272. On the BSE, the shares began trading at ₹448.10, reflecting a 64.74% premium.

The strong listing outpaced expectations from the unofficial grey market, where shares were commanding a Grey Market Premium (GMP) of around ₹110 to ₹123 prior to trading commencement. At the listing price, the company’s market capitalisation crossed the ₹5,100 crore threshold.

Key takeaways

Strong debut: Shares listed at ₹450 on the NSE (+65.44%) and ₹448.10 on the BSE (+64.74%) against the issue price of ₹272.
Heavy subscription demand: The ₹552-crore initial public offering was oversubscribed 92.27 times overall during the bidding window (September 25 to September 29, 2026), led by Qualified Institutional Buyers (QIBs) subscribing 182.76 times.
Valuation expansion: The debut pushed Orient Cables’ price-to-earnings (P/E) multiple to approximately 95x trailing earnings at the opening tick, compared to 57.8x at the issue price.
Post-listing intraday movement: After touching an intraday peak of ₹464.85 on the NSE, the counter encountered profit-booking and settled around the 10% lower circuit limit at ₹405, maintaining an overall gain of nearly 49% above its issue price.
Capital allocation priorities: Out of the fresh issue proceeds of ₹320 crore, the company plans to fund capital expenditure for factory equipment and civil works, prepay outstanding institutional debt, and support general corporate purposes.

Issue structure and subscription summary

The ₹552-crore public issue was structured as a book-built offer comprising both fresh capital issuance and promoter stake monetization:

Issue Parameter	Details
Price Band	₹258 to ₹272 per equity share
Face Value	₹1 per equity share
Total Issue Size	₹552.00 crore
Fresh Issue Component	Up to ₹320.00 crore
Offer for Sale (OFS)	Up to ₹232.00 crore
Lot Size (Retail)	55 shares (Minimum ₹14,960 at upper band)
Lead Managers	IIFL Capital Services, JM Financial
Registrar	KFin Technologies

The offering saw broad-based demand across institutional, high-net-worth, and retail investor categories:

ORIENT CABLES IPO SUBSCRIPTION BREAKDOWN (92.27x TOTAL):

Qualified Institutional Buyers (QIBs):
[██████████████████████████████████████████████] 182.76x

Non-Institutional Investors (NII / HNI):
[████████████████████████████] 115.63x

Retail Individual Investors (RII):
[███████] 30.55x

Business overview and end-market drivers

Founded as a manufacturer of structured networking cables, Orient Cables has broadened its product footprint across high-speed digital and industrial connectivity verticals.

The company’s product portfolio is structured across three core segments:

Networking Cables and Solutions: High-performance copper local area network (LAN) cables spanning CAT5 to CAT6A specifications, patch cords, keystone jacks, and patch panels.
Speciality and Optical Fibre Products: Optical fibre cables (OFC), coaxial and CCTV cables, and hybrid composite cabling designed for broadband infrastructure, smart building automation, and data centres.
Allied and EV Assemblies: Recent expansions into wire and cable harness assemblies, alongside electric vehicle (EV) charging gun cable assemblies and industrial power strips.

The company has benefited from public and private investments across India’s digital communications infrastructure, including the national rollout of 5G telecom towers, rapid enterprise data centre buildouts, and industrial automation.

Financial profile and valuation trajectory

Orient Cables has expanded its operating top line over the past three fiscal cycles, supported by higher volume throughput in high-margin optical fibre and networking categories:

Financial Metric (₹ Crore)	FY24	FY25	FY26
Revenue from Operations	₹657.77 Cr	₹824.96 Cr	₹1,171.65 Cr
EBITDA	₹58.82 Cr	₹83.86 Cr	₹96.40 Cr
Profit After Tax (PAT)	₹40.10 Cr	₹53.32 Cr	₹53.81 Cr

TOP-LINE REVENUE EXPANSION (FY24–FY26):

FY24: [██████████████████] ₹657.8 Cr
FY25: [███████████████████████] ₹824.96 Cr
FY26: [████████████████████████████████] ₹1,171.65 Cr (+42% YoY)

The post-listing valuation equation

While top-line momentum has been steady, the 65% listing premium reshapes the company’s valuation multiples on Dalal Street:

At the IPO issue price of ₹272, the shares were valued at approximately 57.8x FY26 earnings.
At the debut price of ₹450, the valuation multiple expanded to 95.6x FY26 earnings, pricing the stock at a premium to several legacy industrial cable manufacturers.

Market analysts note that to sustain these valuation multiples, Orient Cables will need to maintain elevated capacity utilization and protect operating margins as copper and raw polymer input costs fluctuate.

Proceeds deployment and capital expenditure plans

According to the statutory prospectus, the ₹320-crore fresh capital infusion will be allocated across three strategic heads:

Manufacturing Capacity Expansion: Funding capital expenditure requirements for procuring specialized plant machinery, automated testing equipment, and civil structural works at its domestic manufacturing facilities.
Balance Sheet Deleveraging: Prepayment or scheduled repayment of outstanding borrowings, reducing annual finance costs and enhancing balance-sheet flexibility.
Working Capital & Corporate Reserves: Financing general corporate operations and raw material inventory buffers to service expanding enterprise client order books.

Frequently asked questions

What was the listing price of Orient Cables shares?

Orient Cables shares debuted on the NSE at ₹450 per share, a 65.44% premium over the issue price of ₹272. On the BSE, the stock opened at ₹448.10, representing a 64.74% premium.

How much did Orient Cables raise through its IPO?

The company raised a total of ₹552 crore, comprising a fresh issue of ₹320 crore and an Offer for Sale (OFS) of ₹232 crore by selling shareholders.

What products does Orient Cables manufacture?

Orient Cables manufactures structured copper networking cables (CAT5 to CAT6A), optical fibre cables, coaxial cables, cable harnesses, and specialized components including EV charging gun cable assemblies.