The Orient Cables initial public offering has seen steady demand, reaching a subscription level of 4.73 times by the second day. With total applications hitting 7.12 crore shares against an offer of 1.49 crore, retail and non-institutional investors have shown clear interest. The Rs 552-crore issue includes a Rs 320-crore fresh issue meant for debt reduction and capacity expansion. The subscription window closes on September 29.
The initial public offering (IPO) of Orient Cables has maintained its momentum, with the issue being subscribed 4.73 times by the second day of the bidding process. As investors continue to assess the company’s business model in the networking and optical fiber cable sector, the subscription data from the National Stock Exchange (NSE) indicates a strong interest from both retail and non-institutional categories. The offering provides insight into market appetite for companies in the infrastructure-linked technology space.
Subscription Trends and Investor Interest
By mid-day on the second day, Orient Cables received 7.12 crore share applications against a total offer of 1.49 crore shares. The non-institutional investor segment, which typically includes high-net-worth individuals and corporate bodies, has been the primary driver of demand, booking 9.12 times their allotted quota. Retail investors, who form the backbone of smaller applications, have subscribed to 5.59 times the portion available to them. While unofficial market reports indicate a premium over the upper price band of Rs 272, it is important to note that grey market sentiment is speculative and can be highly volatile, often not reflecting the final listing valuation.
Financials and Strategic Allocation
The Rs 552-crore public issue comprises a fresh issue of shares worth Rs 320 crore, alongside an offer for sale. One of the central aspects for investors to consider is the company’s capital allocation strategy. As of June 2026, the company reported a total debt of Rs 258.4 crore. A significant portion of the net proceeds from the fresh issue—specifically Rs 155.5 crore—will be utilized to pay down these outstanding borrowings. This move is aimed at reducing interest costs and improving the company’s financial health.
Furthermore, the company has earmarked Rs 91.5 crore for machinery upgrades and civil works. The management intends to use this capital to increase its manufacturing capacity, focusing on high-growth areas like data centers, renewable energy infrastructure, and broadband expansion. Institutional confidence appears to be supported by the company’s specialized product portfolio. Prior to the public opening, Orient Cables raised Rs 165.6 crore from anchor investors, including major names such as Nippon Life India, ICICI Prudential, and Aditya Birla Sun Life, who subscribed at the upper price band of Rs 272 per share.
Important Dates and Next Steps
The IPO, which is being managed by IIFL Capital Services and JM Financial, will remain open for subscription until September 29. Investors who have already applied or are considering an application should track the final subscription numbers, as these provide a clearer picture of the overall demand. Following the closure of the subscription window, the company is scheduled to list its shares on the BSE and NSE on October 5. Investors may continue to monitor the progress of the company’s debt reduction plan and the timeline for the proposed capacity expansion in subsequent updates.